ILOILO CITY - The Department of Finance has lowered the bidding price of the 54-hectare site of the old Iloilo airport from P1.2 billion to P900 million, a city government executive said yesterday.

Giovanni Miraflores, who represents Iloilo City in the negotiations, said the new bidding price was computed based on the appraised value. The new rate was sent to the Privatization Council for opinion.

Earlier attempts to sell the airport, located in the city's Mandurriao District, failed. Five companies pre-qualified to bid, but only three attended the actual bidding on May 9. Robinsons Land Corp. submitted the highest bid of P1.09 billion followed by Empire East, P701 million, and SM Prime (P435.79 million). Rockwell Land Corp. and Ayala Land Inc. backed out.

The Privatization Council is composed of the heads of the Department of Finance, Air Transportation Office, Department of Transportation and Communications, Department of Justice and Department of Budget and Management.

Miraflores said the government wants to sell property at the soonest possible time.

But the terms and conditions of the sale stipulate that the government will not be accountable for the relocation of squatter families occupying portions of the 54-hectare property.

The portion of the old airport which remained untitled will not be included in the sale.*PNA

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