5 property firms prequalify to bid for old Iloilo airport

The Department of Finance on Tuesday announced that five property giants in the country have been pre-qualified to bid for the government's 54-hectare airport property in Mandurriao, Iloilo City. In a statement distributed to the media, Finance undersecretary John Sevilla said the prequalified bidders are Ayala Land Inc., Empire East Holdings Inc., the Gokongwei-led Robinsons Land Corp., the Lopez-controlled Rockwell Land Corp. and the SM Prime Holdings Inc. of the Sy family. The property will be bid out on April 24. The old airport will be vacated in late-April, when the new Iloilo airport is set to open. Real estate broker CB Richard Ellis has placed the property's value between P500 million and P2 billion. The government has earlier said that part of the sale proceeds would be used to pay a P6.2 billion loan from Japan Bank for International Cooperation, which was used to finance the construction of the new Iloilo International Airport in the Sta. Barbara – Cabanatuan area. The proceeds will also be used to fund the construction of a first class highway interconnecting the provinces of Iloilo , Capiz, Antique and Aklan.-GMANews.TV