ILOILO CITY – Former Mayor Jed Patrick Mabilog defended the Iloilo-Guimaras Ferry Terminal, a joint venture project with DoubleDragon Properties Corp. that started in 2012 during his first term as mayor here.
THE Iloilo-Guimaras Ferry Terminal (IGFT) was developed and operated by the DoubleDragon Properties Corp. on land owned by the Iloilo City government. (Tara Yap)
“To argue that this project was disadvantageous ignores fundamental economic principles and logic,” said Mabilog in a statement.
The Iloilo City government allegedly lost millions of pesos in revenue over the 1.3-hectare land it owns when DoubleDragon built the ferry terminal that primarily serves passengers traveling between Iloilo City and the island-province of Guimaras.
Mabilog said it was a necessary project at the Parola area that was previously known as a neglected and dangerous part of the city while ferry services were inadequate.
“It was a vital intervention that turned an area of urban decay into a well-planned, safe, and efficient gateway between Iloilo City and Guimaras,” Mabilog said.
He said that the 25-year joint venture of developing the ferry terminal and a mini-mall did not cost the city government a single peso.
Mabilog said the city government will have full ownership of the building, terminal, and its developments that were initially valued at P126 million and P250 million when adjusted for inflation.
He said it is unnecessary for the incumbent city administration to accuse him if it is planning to renegotiate the terms for the ferry terminal with DoubleDragon.
“It should initiate discussions directly with DoubleDragon to renegotiate the terms instead of making baseless and illogical allegations,” Mabilog said.