Palace approves privatization of IBC-13

IBC-13 Logo (Internet photo)

MANILA  – Malacañang has granted go signal for the privatization of the Intercontinental Broadcasting Corporation or IBC-13, according to Presidential Communications Operations Office (PCOO) Secretary Herminio Coloma Sr. on Tuesday.

”The Office of the President has approved the recommendation of the Governance Commission on GOCCs (GCG) for the privatization of the Intercontinental Broadcasting Corporation or IBC-13,” Coloma said in a press statement.

Coloma said the transaction will be through open competitive bidding, covering the entire shareholdings of Government in the said network.

As approved, the floor price for the sale is at Php 1.98 billion, which was arrived at based on consultations with the Department of Finance and Department of Budget and Management.

The recommendations were made by the financial advisory team composed of the Development Bank of the Philippines, the auditing firm KPMG & Co. and the law firm of Romulo Mabanta Buenaventura Sayoc & delos Angeles.

”For purposes of the sale, the GCG will also be assisted by representatives from IBC-13 and the PCOO,” Coloma said.

IBC-13 is an attached agency of the PCOO, pursuant to Executive Order No. 4, s. 2010.

”The details of the bidding, including timelines for the privatization, will be issued in due course once the team shall have finalized the necessary documentary requirements, as mandated by law,” Coloma added.