The privatization process of IBC was commenced in October 2016. As of December 2016, five groups have already showed their interest to join the bidding process. These are Ramon S. Ang of San Miguel Corporation and the groups of former IBC president (and current RMN president and chief executive officer) Eric Canoy and former Ilocos Sur governor Chavit Singson, energy tycoon and Udenna Corporation chairman Dennis Uy (who recently expanded his business through his recent acquisition of ISM Communications Corporation) and William Lima, a businessman from Davao.