Thursday, August 6, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]
THE GOVERNMENT has begun the bidding process for the lease of lots formerly occupied by the Ramos’s administration Expo Pilipino in Pampanga.
The site, closed in the late nineties due to allegations of over-pricing and then reopened in 2005 as a state-run exhibition venue, adds another 25.537 hectares to the Clark Freeport Zone’s portfolio of land to be offered to investors.
The 25-year lease of the property will go on the auction block for a minimum fee of $25,537 per month, subject to a 10% hike on the fourth year and every three years thereafter, Clark Development Corp. said in a notice published on Tuesday.
Interested bidders have until August 9 to officially express their intent while their proposals will be due on August 24, the notice stated.
On top of the monthly lease, the winning bidder will have to surrender "a fixed percentage of gross revenue", although this amount will not affect bid evaluation. Operations of the winning firm, however, will enjoy freeport incentives including a four-year tax holiday and a succeeding 5% tax on gross income.
The agency’s special bids and awards committee chief, Ernesto S. Gorospe, could not be immediately reached to elaborate.
The notice went on to state that the property is suitable for tourism and entertainment projects.
Earlier, the agency had also announced plans to develop 2,000 hectares at the nearby Sacobia Valley to accommodate more investors. The land there has been tagged for tourism, information technology and manufacturing locators as well as schools. — Jessica Anne D. Hermosa
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