Bank asked to assess CICC for buyout plan

CEBU, Philippines – The Mandaue City government has recently asked the Development Bank of the Philippines to appraise Cebu International Convention Center which the city plans to buy out from the Cebu provincial government.

Earlier, the city government wanted a third party to appraise CICC because of the disparity  in the separate assessments made by Mandaue City and the Capitol.

Governor Hilario Davide III earlier said the provincial government may sell the CICC for P600 million, but per assessment made by the Mandaue City government, the building was only valued at P250 million.

Lawyer Jamaal James Calipayan, executive secretary of Mayor Jonas Cortes, said the city wants to convert CICC into Mandaue Investment and Promotions Center which is a one-stop shop for tourists showcasing city-owned products such as furniture and known delicacies.

Lawyer Giovanni Tianero, city legal officer, said they have already sent a letter to DBP a month ago and the bank has been asking for some documents which the city has yet to comply.

The CICC has remained idle for a year now after it was severely damaged by the 7.2-magnitude earthquake and typhoon Yolanda last year.

The center cost P800 million when it was constructed in 2006 during the administration of former governor now Cebu third district Representative Gwendolyn Garcia when the Association of South East Asian Nation Summit was held here in Cebu in 2007.