Poro Point Management Corp. (PPMC), a subsidiary of the state-owned Bases Conversion and Development Authority (BCDA), is looking for investors interested in developing the six-hectare site of the Poro Point Lighthouse in San Fernando, La Union.
BCDA President and Chief Executive Officer Arnel Paciano Casanova said that “This is a good opportunity to take advantage of the robust growth in the region that reported a strong 7.7-percent expansion in 2013. The improvements in infrastructure, specifically a better road network, will further boost growth in tourism.”
PPMC has set a minimum floor price of P5.28 million for the annual lease of the property, subject to a 10-percent increase on the third year and every two years thereafter.
The lease term is for 25 years and renewable for another 25 years subject to the approval of the Philippine Coast Guard.
PPMC wants the property developed for tourism, leisure, entertainment and other related activities.