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'No appraisal report, no bidding': COA flags Nayong Pilipino's 50-year lease deal

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Adrian Ayalin, ABS-CBN News

MANILA - The Commission on Audit (COA) raised questions on the 50-year lease deal made by the Nayong Pilipino Foundation with Landing Resorts Philippines Development Corporation for the use of 9.57 hectares of land at the Manila Bay Reclamation Area in Paranaque City.In the 2017 audit report on Nayong Pilipino, government auditors noted that the NPF Board of Trustees did not give the Commission on Audit a copy of the report on the independent appraisal on the appropriate rental rate for the property.It was also noted that there was no proof of advertisement to the public to get offers from other parties aside from LRPDC.“Thus, BOT was not able to compare the offer of LRPDC with other quotations/offers from interested investor to determine whether the said offer was the most advantageous to Nayong Pilipino Foundation,” the COA said.On Tuesday, President Duterte sacked the entire board of the Nayong Pilipino Foundation led by Chairperson Patricia Ocampo. Duterte made the announcement as the Ocampo and her staff were breaking ground at Landing Resorts.Malacañang had said the board, which includes presidential relative Maria Fema Duterte who is at odds with her fellow board members, entered into a “grossly disadvantageous” contract with Landing Resorts.<div>CONTROVERSIAL LEASE RATES</div>Government auditors said Nayong Pilipino officials &quot;failed to furnish the audit team a copy of the appraisal evaluation made on the prevailing rental rates around the vicinity of the property being leased out and document/lease contract as evidence of the perfected contract.&quot;COA said the lease agreement, approved on November 7, 2017 showed a monthly rate of P150 per square meter or P14.358 million exclusive of tax, with an additional lease equivalent to P10 percent of net profits, exclusive of tax from operations of Nayong Pilipino theme park, water park and movie-based theme park. The lease is for a 50-year period with an option to renew lease for another 25 years.The area leased by Landing Resorts includes other casino resorts, namely Solaire, Okada, and City of Dreams.Government auditors also questioned the lease deal with Resorts World Bayshore City, Inc. (RWBCI) signed in 2014 for the use of 5.43 hectares of land which was done without the required public bidding.“Therefore, the validity and the reasonableness of the terms of the lease and the rental rates could not be ascertained,” the COA said. The COA said the NPF must submit all financial records relative to the advance rental payment of P1.2 billion made by RWBCI which is supposed to be used for the development of the new Nayong Pilipino Cultural Park.

The Commission on Audit (COA) raised questions on the 50-year lease deal made by the Nayong Pilipino Foundation with Landing Resorts Philippines Development Corporation.

The Commission on Audit (COA) raised questions on the 50-year lease deal made by the Nayong Pilipino Foundation with Landing Resorts Philippines Development Corporation.

'No appraisal report, no bidding': COA flags Nayong Pilipino's 50-year lease deal

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'No appraisal report, no bidding': COA flags Nayong Pilipino's 50-year lease deal

Adrian Ayalin,

ABS-CBN News

Published August 08, 2018 05:47 PM PHT

Read More:

COA

Commission on Audit

Nayong Pilipino Foundation

Landing Resorts Philippines

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