Sevilla is city's adopted son
City Mayor Jerry Treñas has declared Department of Finance Undersecretary for Privatization John Philip Sevilla an adopted son of Iloilo City for his effort in completing the sale of the old airport site.
The declaration was embodied in Executive Order No. 53-2007 issued by Mayor Treñas. A plaque was given to Sevilla Friday last week during the turn-over ceremony of the old airport to Megaworld Corporation.
Treñas said Sevilla personally committed himself in the successful completion of the sale of the Iloilo airport to the Megaworld Corporation. The corporation bought the property for P1.2 billion and will initially pour in some P1.5 billion investments.
It is the The Privatization Council that gave the final approval for any bids and proposals. The council is composed of the of the Departments of Finance, Justice, Budget and Management, Trade and the National Economic Development Authority
Treñas said the airport sale has already generated substantial amount of income for the city. It will also ensure the additional employment and development for the city in the future. Last week, Megaworld paid its P9 million transfer tax to the city.
The property developer outbid Robinsons Land that submitted P1.09 billion followed by Empire East (P701 million) and SM Prime (P435.79 million). Rockwell Land Corp. and Ayala Land Inc., who earlier expressed interest to buy the property, backed out.