(Eagle News)—-The Commission on Audit has flagged Nayong Pilipino Foundation’s lease contract with Landing Resorts Philippines Development Corporation for the use of almost 10 hectares of land in Paranaque City.
According to COA, Nayong Pilipino entered into the contract “without conducting independent appraisal of prevailing rental rates of the leased property within the vicinity, feasibility study and without posting of notice to public to solicit offers from other interested Filipino investors.”
COA said it had yet to receive, as of June 4, the supposed appraisal report of Nayong Pilipino, which said it did conduct an evaluation of rental rates in the area.
COA noted that under the lease agreement, LRPDC would pay a monthly rate of P150 per square meter or P14.358 million exclusive of tax, with an additional lease equivalent to P10 percent of net profits, exclusive of tax from operations of Nayong Pilipino theme parks, an amount President Rodrigo Duterte found “paltry.”
“(But), BOT was not able to compare the offer of LRPDC with other quotations/offers from interested investor to determine whether the said offer was the most advantageous to Nayong Pilipino Foundation,” the COA said.
Duterte sacked the entire board of Nayong Pilipino led by Patricia Ocampo over the contract.
He did this as Ocampo was attending a ground-breaking ceremony for a $1.5-million resort-casino in the city.
