Council committee backs SRP renaming

The proposed renaming of the South Reclamation Project into South Road Properties is timely and of vital importance as it will enable the Cebu City government to register the name with the Department of Trade and Industry and the Securities and Exchange Commission.

This was according to the report rendered by council committee on tourism, cultural communities and historical affairs and street naming headed by councilor Arsenio Pacaña.

The proposal of renaming the South Reclamation Project into South Road Properties was also referred and approved by the committee on laws and ordinance through vice chairman Jose Daluz III.

Daluz said the ordinance sponsored by councilor Edgardo Labella, is just appropriate citing that "just like the right to name a child rests on the parents, a city has the right to name its own creation."

Pacaña said renaming the SRP as a special economic zone will make it more attractive to both local and foreign investors.

However, Pacaña recommended for the inclusion of three "whereas clauses" to the proposed ordinance. Also, the term "project" is no longer appropriate to describe this massive land reclamation work as 298-hectare real property in favor of the term "properties".

The South Reclamation Project is envisioned to become a Special Economic Zone has been substantially completed, and is now ready for business and occupancy.

The SRP was designed to be a special economic zone, which shall provide additional space for industries located in Cebu City and Metro Cebu. It is a 300-hectare prime property development project of reclaimed land located a few meters off the coast of Cebu's central business district.

It is registered with Philippine Economic Zone Authority (PEZA) as a Special Economic Zone. The SRP, now in its final stages of completion, can easily accommodate the manufacturing, commercial, tourism, IT service enterprises.

If the proposed ordinance will be approved for final deliberation, the Office of the Manager of the South Road Properties under the Office of the Mayor is mandated to implement the ordinance. - Garry B. Lao