CICC now valued almost half less

CEBU, Philippines - The Cebu provincial government’s appraisal committee has reduced the value of the Cebu International Convention Center (CICC) to P350 million, lesser by almost half of its previous assessment of P600 million.

Governor Hilario Davide III disclosed this yesterday, explaining that the amount was based on the assessment of the current state of the facility.

He said the damage the CICC suffered from the magnitude 7.2 earthquake and supertyphoon Yolanda in 2013 was also taken into account during the appraisal.

The new appraisal value, however, is still higher than the P200-million offer of the Mandaue City government, which is interested in buying the facility to convert it into a one-stop-shop center where the city’s products would be displayed.

Told of the new amount, Mandaue City Treasurer Regal Oliva said the city is willing to pay that much but on an installment basis.

“We are willing to buy it anytime. But I won’t want to pay in cash. We will pay in terms, LGU to LGU ra bitaw, like 10 to 15 years. We can give a P100 million down-payment, then the P250 million will be in staggered (basis),” he told reporters.

 “(I) think that they (Gov. Hilario Davide III and Mandaue City Mayor Jonas Cortes) have agreed already on a price,” he added.

Last year, Cortes formalized in a letter the city’s intention to purchase the CICC at P250 million, but the Capitol wanted P800 million for it.

Oliva said they could not accept the P800 million considering the present status of the CICC, which sits on a three-hectare property owned by Mandaue. 

Davide had declared that his administration will not spend a cent to repair the building because it is a subject of a graft case filed against his predecessor and now third district’s Representative Gwendolyn Garcia. 

It was during Garcia’s administration when the CICC was constructed in time for the ASEAN Summit in 2007.

If the deal pushes through, Oliva said it is up to Cortes on what to do with the CICC, whether to repair or lease it.

Yesterday, however, Davide said there was no final agreement yet on how to go about the repair of the building or its disposal since they are waiting for feedback from the national government.

The Department of Trade and Industry already expressed interest to help fund the repair of the facility and develop it into an international trade exhibition center.

But Davide said the parties may consider again the option of selling the CICC to Mandaue City.

He said the CICC Management Board has yet to convene to discuss further the fate of the facility. —(FREEMAN)