Monday, October 13, 2008
By Jay Dooma Balnig
THE fate of the mulled property swap between the Iloilo City Government and Megaworld Development Corporation will be known Monday.
The ad hoc committee -- which will make the decision -- duly formed by Mayor Jerry Treñas, where Vice Mayor Jed Patrick Mabilog is chairman, will present its study and recommendations also on Monday.
It was earlier revealed that as per committee initial report, it is very disadvantageous for the City Government to swap its real estate property in Plaza Libertad, where the old Cityhall was located with the lot of Megaworld Corporation in the old airport in Mandurriao, in which the proposed new city hall building is to be built.
The assessment also revealed that the Megaworld property is only worth P13.5 million, while the city's property is way to expensive - P23.7 million.
The Commission on Audit previously warned that the swapping of property must be in favor to the City Government, otherwise the deal should be broken. The audit commission is also hesitant on the said deal as Megarworld is not a member of Philippine Contractors Accreditation Board (PCAB).
Mabilog earlier offered Megaworld several conditions before the City Government thumbs up with the swap. One of the conditions is for the corporation get a PCAB accreditation and amplify the property it is to exchange with the city.
Megaworld management, however, is out of reach for comment.
