The Bohol provincial government has terminated its contract with Inner Core Realty and Development Corp. after the company failed to pay P3.7 million pesos in rent for eight months, officials said.
The Sangguniang Panlalawigan (SP) authorized Gov. Aris Aumentado on Tuesday to end the agreement with Inner Core, which had leased a lot at the old Tagbilaran airport to develop it as an information technology park.
Vice Gov. Nicanor Besas announced the termination during SP’s regular session in Panglao, saying the province reserves the right to pursue collection of unpaid rent.
Only first district Board Member Benjie Arcamo abstained from the vote.
The board simultaneously authorized Aumentado to sign a new lease agreement with Premier Star Ventures Corp. for the 3,000-square-meter lot, replacing Inner Core as the developer.
The old Tagbilaran airport site has been the focus of development plans since the new Bohol-Panglao International Airport opened, leaving the former facility available for redevelopment.
The Aumentado administration has prioritized transforming the old airport into a business hub expected to generate 3,000 jobs for Boholanos.
According to previous reports, the Bohol Business Park was expected to employ approximately 3,000 Boholanos when operations commenced, with a groundbreaking ceremony having taken place on May 15, 2024.
The provincial government has been pursuing plans to convert the old airport into an IT park since at least 2022, with development plans gaining momentum in early 2024.
The site encompasses more than 6.5 hectares owned by the provincial government, with plans for a mixed-use development including commercial spaces and entertainment centers.
The contract termination represents a setback for the province’s economic development goals, though the quick replacement with Premier Star Ventures suggests development plans remain on track.