Fidel V. Ramos

The Philippines then was experiencing widespread blackouts due to huge demand for electricity and antiquity of power plants, the abolishment of the Department of Energy and discontinuation of the Bataan Nuclear Power Plant during the Aquino administration. Read Less

The PEA-Amari deal – in addition to other projects in Manila Bay - displaced over 3,000 fishing and coastal families in Manila Bay just to give way to what fisherfolk activists from Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) described as “an immoral, illegal and grossly unconstitutional state venture". The Ramos administration was accused of selling out the government's interests by favoring Amari Coastal Bay Resources and Filinvest Development—topping off a growing list of other corporate beneficiaries—over higher bidders in various lucrative real estate development schemes. Data obtained from Public Estate Authority (PEA) revealed that the property was sold to Amari for P1.9 billion or P 1,200 pesos per square meter although the value of properties in adjacent areas were pegged at P90,000 per square meter. The Senate in its inquiry in 1998 found a paper trail representing commissions paid to certain PEA officials amounting to P1.7 billion. Ramos denied accusations that the PEA-Amari deal was clinched to benefit members of the ruling Lakas-NUCD as alleged by opposition groups. However, ex- solicitor general Franciso Chavez filed a petition to nullify the PEA-Amari deal because the government stood to lose billions of pesos in the sale of reclaimed lands to Amari.

On April 25, 1995, PEA entered into a joint venture with Amari to develop Freedom Islands and on June 8 of the same year, Ramos okayed deal. Read Less