MANILA, Philippines - Poro Point Management Corp. (PPMC) is putting up for bidding the lease and development of the six-hectare Poro Point Lighthouse in La Union.
“The PPMC is inviting interested bidders to bid for the long-term lease and development of the approximately six hectares Poro Point Lighthouse located at Poro Point Freeport Zone (PPFZ), Poro, City of San Fernando, La Union on an ‘as-is, where-is’ basis,” the agency said in a notice posted on the Bases Conversion and Development Authority’s (BCDA) website.
The property is intended to be developed into a tourism site.
The lease term will be for 25 years and renewable for another 25 years, subject to the approval of the Philippine Coast Guard.
The PPMC has set the minimum acceptable starting annual fixed lease for the property at P5.280 million, subject to an escalation of 10 percent starting on the third year and every two years.
The first year of the lease will be rent-free but upon signing of the contract, the winning bidder will need remit to PPMC in advance the fixed lease for the second, third and fourth year of the lease, computed with 10 percent escalation starting on the third year of the lease.
On or before the fourth anniversary of contract signing, the winning bidder will have to remit to PPMC the fixed lease payment covering the fifth year of the lease, as adjusted based on the 10 percent escalation rate every two years.
Succeeding payments for the fixed lease shall be made every year thereafter, on or before each anniversary of the execution of the contract of lease.
Interested bidders may purchase the Terms of Reference (TOR) for the subject bidding at the PPMC Administration Building located at the PPFZ in La Union until Dec. 19, for a non-refundable fee of P100,000 payable to PPMC in manager’s check.
The TOR may also be viewed in the BCDA and PPMC website at www.bcda.gov.ph and www.poropointfreeport.org, respectively.
A pre-bid conference is scheduled on Nov. 24, at 10 a.m. at the PPMC administration building.
PPMC, a subsidiary of BCDA, was created to manage the PPFZ.
The BCDA is mandated to transform former military bases and properties into alternative productive civilian use.