PETCO Turns Over CICC Management to Capitol

Because the contract has already expired, the Philippine Exhibitors Trade Corp. (PETCO) on Wednesday turned over to the Provincial Government the management of Cebu International Convention Center (CICC).

This update was revealed yesterday by Governor Hilario Davide III , who also said that PETCO has no other recourse other than to return the management of the property to the province as it is already useless.

The CICC, which was built in 2007 in time for the ASEAN Summit, was damaged by last year’s two successive calamities- the 7.2- magnitude earthquake in October and the Super typhoon Yolanda in November.

And since Capitol does not want to repair the building on the reason that it would cost the province millions of taxapayers’ money only to spend more for its upkeep, and later on considered that CICC is not an “earning facility”, Davide offered it to other entities for partnership or sale.

Earlier, Davide said a team from the Provincial Assessor’s Office has been conducting assessment of the province-owned property so that they would know how much it would cost.

Mandaue City and other private groups have shown interest to acquire the CICC.