MANILA - President Aquino has given the approval for the privatization of state-owned Intercontinental Broadcasting Corp. (IBC-13).

In a statement, the Governance Commission for Government-owned and -controlled corporations (GCG) said the television network will be privatized and its price tag is set at a minimum P1.98 billion.

"The privatization of IBC-13 will be done through public bidding with an estimated floor price of P1.977 billion," GCG said.

"A committee composed of representatives from GCG, the Presidential Communications Operations Office (PCOO), and IBC-13 shall implement and conduct the said process," it added.

No timetable has been given.

IBC-13 is in financial distress. It incurred an average net loss of P45.26 million from 2010 to 2014, and received operational subsidies amounting to P23.56 million in 2015.

The privatization of IBC-13 rationalizes the state's portfolio in the communications sector in view of the overlap with PTV-4.

The GCG said proceeds from the sale of IBC-13 will be used to fund the needed P5 billion capital infusion into PTV-4, as mandated by the PTV Revitalization Act.

Aside from IBC-13 and PTV-4, the government also has a minority share in Radio Philippines Network (RPN-9).