COA urged to release report on ‘questionable’ deal between IBC-13 and R-II Builders

A cause-oriented group has called on the Commission on Audit (COA) to release its latest report on what it said was the questionable transaction between state-owned Intercontinental Broadcasting Corp. (IBC-13) and R-II Builders/Primestate Ventures Inc.

Good governance advocate Joe Villanueva of the Philippine Crusader for Justice (PCJ) said the COA should immediately release its latest findings about the agreement that has been criticized by lawmakers as grossly disadvantageous to the government.

IBC-13 and RII Builders Inc.-Primestate Ventures Inc. signed the joint venture agreement (JVA) on March 24, 2010, to develop 36,401 of the 41,401 square meters of IBC-13 property in Broadcast City in Capitol Hills, Diliman, Quezon City, into a residential complex and the remaining 5,000 sqm was for the construction of two buildings for IBC-13.

In a 2011 report, COA said the land contributed to the JVA was undervalued at only P9,999.99 per sqm when it could have been appraised at a much higher rate of P22,000 per sqm.

COA also said that the agreement in the JVA was in favor of RII Builders Inc.-Primestate Ventures Inc. as IBC-13 would only be left with 5,000 sqm for its Broadcast City “with a relatively small 2-story commercial building which may earn a small income.”

“Being the main state auditor, the COA should report to the public its latest report on the disadvantageous deal…We have to know the truth regarding these transactions,” Villanueva said.

The transaction has also been the subject of an investigation by the Office of the Ombudsman since 2013.