SAN FERNANDO CITY, La Union – The Poro Point Management Corporation (PPMC) is looking for investors interested in developing the six-hectare Poro Point Lighthouse here in order to spur the economic growth of one of the former American military installations being administered by the State-owned Bases Conversion and Development Authority (BCDA).
“This is a good opportunity to take advantage of the robust growth in the region that reported a strong 7.7 percent expansion in 2013. The improvements in infrastructure, specifically a better road network, will further boost growth in tourism,” BCDA president and Chief Executive Officer Arnel Paciano D. Casanova said.
PPMC, a subsidiary of the BCDA, has set a minimum floor price of P5.28 million for the annual lease of the property, subject to a 10 percent increase on the third year and every two years thereafter.
The lease term is for 25 years and renewable for another 25 years subject to the approval of the Philippine Coast Guard which is the temporary caretaker of the property.
PPMC wants the property developed for tourism, leisure, entertainment, and other related activities in order to continuously attract the influx of visitors for them to consider dropping by La Union before moving up to Baguio City and to the Ilocos provinces.
Interested bidders may purchase the Terms of Reference (TOR) at the PPMC Administration Building, Gov. Joaquin L. Ortega Avenue, Poro Point Freeport Zone, Poro, City of San Fernando, La Union from January 28, 2015 to February 27, 2015 for a non-refundable fee of One Hundred Thousand Pesos (P100,000.00). The TOR may also be viewed in the BCDA and PPMC website at www.bcda.gov.ph and www.poropointfreeport.org, respectively.