Value of CICC drops

CEBU, Philippines - A recent Capitol appraisal committee assessment of the Cebu International Convention Center in its current state has placed its value at P600 million, which is 42 percent lower than the cost of its construction.

The Mandaue City government, which is eyeing to buy the property and make it the new city hall, has yet to receive the official assessment.

The CICC costs the Cebu Province around P600 million to construct; last February, the Court of Appeals ordered the payment of P257-million more for extra work done on the property, causing its cost to go up to around P850 million.

Provincial Administrator Mark Tolentino said the assessment covers not only the building itself but also the area where it sits.

The Mandaue City government has expressed interest in buying the facility, but Tolentino said that the provincial government has not yet received a formal communication from the city.

The CICC building suffered severe damages after the Oct. 15 earthquake and the Nov. 8 super typhoon Yolanda last year.

Per assessment by the CICC Management Board, it would need around P160 million to restore and upgrade the facility.

Among the options eyed on how to repair the CICC was a public-private partnership scheme, seeking aid from the national government, and selling the facility to the Mandaue City government. The Capitol owns the CICC but it is Mandaue City that owns the lot where it stands.

Asked whether or not it is final that the province is selling the CICC, Cebu Governor Hilario Davide III said they are looking towards that direction, but only “if the price is right.”

Davide earlier said that if the convention center is sold to Mandaue, the city has to shoulder the expenses for the repair since City Mayor Jonas Cortes also plans to establish in there a one-stop-shop center, where city products would be displayed.

The CICC was constructed by the provincial government in 2006, during the administration of then governor and now Cebu third district Rep. Gwendolyn Garcia.  (FREEMAN)