In January 2016, President Benigno Aquino III, through the Governance Commission for Government-owned and -controlled corporation (GCG) approved the planned privatization of IBC. The privatization will be undergo public bidding with an estimated floor price of 10 billion pesos. The proceeds of the bidding will be for the increase of state-owned PTV-4's capital to upgrade and modernize their broadcast capabilities. The Development Bank of the Philippines will be the financial adviser for the privatization. Incoming PCOO secretary Martin Andanar has already forwarded the privatization plan to President Rodrigo Duterte's executive secretary Salvador Medialdea. Andanar will also coordinate with the GCG before the start of the bidding.