John Hay corp’s payment ‘delays convention center purchase’
July 4, 2011
CAMP John Hay Development Corporation’s (CJHDevco) non-payment of its obligations is stalling the Baguio City Government’s efforts to purchase the iconic Baguio Convention Center (BCC) from the Government Service Insurance System (GSIS), said an agency.
Bases Conversion and Development Authority (BCDA) Vice President for Business Development and Operations Dean Santiago said agreements among the GSIS, the City Government and the BCDA were forged in 2003 and 2004.
Under the agreements, Santiago said the funds to be used by local government for purchasing the P250-million BCC will come from the City Government’s 25 percent share of lease rentals, which BCDA is able to collect from CJHDevco.
Also under the agreement, BCDA will directly remit to the GSIS the share of Baguio City from actual rental payments of CJHDevco for the payment of the BCC.
In February 11, 2004, BCDA remitted to GSIS Baguio City’s share of P50 million as down payment for the BCC property. Another P50 million was remitted to GSIS in September 03, 2008 as partial payment of the said property.
Santiago, however, said since CJHDevco has not made good its promise to pay its rent to BCDA, this in turn puts in jeopardy Baguio City’s chances to acquire the 10,000-square-meter property currently owned by GSIS, consisting of the BCC building and its facilities, the lot where the building stands, and the adjoining parking lot.
“CJHDevco’s refusal to pay its rental obligations to BCDA is prejudicial to the people of Baguio City,” Santiago said.
To date, CJHDevco has P2.4 billion in restructured arrears, plus another P382 million of unpaid lease due from December 2009 to June 2011.
Moreover, CJHDevco’s non-payments have resulted in the City Government’s failure to meet its annual payments to the GSIS plus the P128 million additional interests.
Santiago said total obligations for the Baguio Convention Center property stood at P328 million, broken down to P200 million for the principal and P128 million in interest.
Santiago, however, pointed out the balance due GSIS is now down to P218 million, as BCDA recently remitted to the GSIS P60 million, while GSIS waived interest charges of P50 million.
Source: http://www.sunstar.com.ph/baguio/local-news/2011/07/04/john-hay-corps-payment-delays-convention-center-purchase-164881
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