planned privatization of IBC. The privatization terms meant the IBC would undergo public bidding with an estimated floor price of 10 billion pesos. The proceeds of the bidding would go to the increase of state-owned PTV-4's capital to upgrade and modernize their broadcast capabilities. The Development Bank of the Philippines would be the financial adviser for the privatization. Incoming PCOO secretary Martin Andanar forwarded the privatization plan to President Rodrigo Duterte's executive secretary Salvador Medialdea. Andanar would also coordinate with the GCG before the start of the bidding. The privatization process of IBC commenced in October 2016. As of December 2016, five entities had shown their interest to join the bidding process. They were Ramon S. Ang of San Miguel Corporation, and the groups led by former IBC president (and current RMN president and chief executive officer) Eric Canoy, 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. In March 2017, IBC operated on a low-powered signal but it continued its broadcast on cable and satellite providers. In October 2017, IBC began its test broadcast on digital terrestrial television. Relaunch, recent developments, and impending shutdown of operations In late 2018, IBC began to revitalize its infrastructure and its programming after DOT Undersecretary of Tourism Advocacy and Public Affairs Kat de Castro, appointed as president and chief executive officer of the network, replaced Manolito O. Cruz (who died on October 10 of the same year). By December of the same year, the network transferred its studios and offices to a new building at the corner of Capitol Hills Drive and Zuzuarregui Street, Barangay Matandang Balara, Quezon City (a property beside Broadcast City) to make way for the redevelopment of the Broadcast City property into the Larossa Condominium project of Primehomes Real Estate Development Inc. IBC also upgraded its Roosevelt Avenue analog transmitter for the Mega Manila area. On February 11, 2019, IBC announced a major revamp of its programming, the first since the ATC@IBC block in 2014. It includes reruns of IBC's old entertainment and cultural shows, the introduction of documentary and current affairs programs airing on sister station People's Television Network, and other entertainment and sports content from SMAC Television Productions and ATC, among others. IBC also created two new slogans, "Iconic.Bold.Chill" and "Kaibigan Mo!"