Negros Occidental Gov. Joseph Marañon and Philippines National Police officials are set to sign today a revised agreement on the lease by the PNB of the provincial government-owned property next to the Capitol Lagoon Park at Lacson Street in Bacolod City.

Marañon yesterday said the revised lease will be more advantageous to the provincial government. When PNB was totally government-owned in 1965, the provincial government leased the property where its main Bacolod branch stands on, for 99 years or up to 2065, for the amount of P100,000.

Marañon had earlier said when the lease was signed, PNB was solely a government bank that was the main provider of loans to the sugar industry, but today it has been privatized.

After talks with top officials of PNB, they agreed to release the fountain area of the property covering about 4,000 square meters back to the provincial government, he said.

Marañon said there are many businesses interested in leasing the area that he said will then generate income for the provincial government.

Marañon said that, while the existing terms of the 99-year lease of P100,000 will remain the same, the terms of an extension after 2065 will be subject to review.

But it was also agreed that the provincial government will be given a share of the current lease paid by other tenants of the seven-floor PNB building, he said.

Marañon noted that PNB only uses the first two floors of the bank while the rest of the floors are rented out to the Bureau of Internal Revenue and for office spaces of other private groups.*CPG

back to top