MANILA, Philippines – The Poro Point Management Corp. (PPMC) is again looking for interested firms for the lease and development of the six-hectare Poro Point Lighthouse in La Union.
“PPMC is inviting interested bidders to bid for the long-term lease and development of the approximately six hectares Poro Point Lighthouse located at Poro Point Freeport Zone (PPFZ), Poro, City of San Fernando, La Union on an ‘as-is, where-is’ basis,” the PPMC said in a notice posted on the Bases Conversion and Development Authority (BCDA) website.
The property is intended to be developed into a mixed-use tourism site with leisure and entertainment-related facilities and amenities.
The lease term will be for 25 years and renewable for another 25 years, subject to the approval of the Philippine Coast Guard.
The minimum acceptable starting annual fixed lease for the property is at P5.280 million, subject to an escalation of 10 percent starting on the third year and every two years.
The first year of the lease will be free but the winning bidder upon signing of the contract, will have remit to PPMC in advance the fixed lease for the second, third and fourth year of the lease, computed with 10 percent escalation starting on the third year of the lease.
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The winning bidder will also need to remit to PPMC the fixed lease payment covering the fifth year of the lease, as adjusted based on the 10 percent escalation rate every two years, on or before the fourth anniversary of contract signing.
As for succeeding payments for the fixed lease, such will have to be made every year thereafter, on or before each anniversary of the execution of the contract of lease.
Firms interested to bid for the property may purchase the terms of reference (TOR) at the PPMC administration building located at the PPFZ zone until Feb. 27, for a non-refundable fee of P100,000, payable to PPMC in manager’s check.
The interested firms may also check the BCDA and PPMC website at www.bcda.gov.ph and www.poropointfreeport.org, respectively for the TOR.
