Dads to authorize Rama to sign: Filinvest gets deal for project at SRP

CEBU - Filinvest Land Inc. has officially been given the nod to go on with a proposal to develop a portion of the South Road Propetries (SRP).

Acting Vice Mayor Hilario Davide III yesterday assured that the Cebu City Council will not delay the approval of a resolution that will authorize the acting mayor to sign the contract for a joint venture with FLI.

The members of the Joint Venture Selection Committee headed by city administrator Francisco “Bimbo” Fernandez met yesterday and awarded to FLI the contract for a P25 billion joint venture project at the SRP.

Before Acting Mayor Michael Rama can sign the deal, he needs the nod of the city council.

Davide said the issue about the joint venture project with FLI will be discussed by the council on Wednesday and there is also a possibility that a special session will be held.

Fernandez also believes that the city council will not delay the granting of authority to Rama to sign the contract, but said “They must do their job without sacrificing the issue of transparency.”

The agreement is that within one month after the actual signing of the contract, FLI will release its initial payment for 10 hectares. The total will be paid within a period of three years.

In its proposal of FLI offers to purchase 10 hectares for P1.5 billion and to develop the other 40 hectares in a joint venture scheme with the city.

Fernandez said this is very timely, because the city needs P338 million next month to pay its loan from Japan.

“Aw hinoon wala man kita karon maproblema sa kwarta kay naa may daghang nakolekta nato nga buhis,” Fernandnez said.

Meanwhile, Fernandez said he is hoping that the Cebu provincial officials will no longer pursue their intention to bid for the same area that the Filinvest Land Inc. wants to develop.

Rama has rejected the appeal of the Cebu provincial government to contest the unsolicited proposal of FLI.   .

Fernandez explained that the province is not qualified to challenge the offer of FLI, first because it is not a private entity as provided for under the city ordinance that created the joint venture agreement.

It’s Not Over

“We will move on.”

This was what Capitol consultant Rory John Sepulveda said in a press conference yesterday after he was asked regarding Governor Gwendolyn Garcia’s next move after the Cebu City government awarded the joint venture project to FLI.

“We’re still on top of the situation,” Sepulveda said.

The Capitol was not surprised with the city government’s action and that they knew it beforehand.

He said that despite of not being able to come up with the P125M bond that the city asked from the province for the joint venture, Capitol will still move forward with their plans.

Sepulveda further said that as far as the administrative process is concerned, Capitol fought in a clean and honest way, and they never surrendered.

He added that the lady governor has a game plan and that is to increase economic activity to generate more jobs.

“This is what we are going to do in response to the world economic slowdown,” he said.

 Part of the game plan is to continue building roads, bridges, infrastructures and school buildings.

  In addition to that, he also said they would continue delivering basic services to Cebuanos, especially to investors and tourists, and putting up economic enterprises.

When asked if they will file an appeal or give up on the SRP joint venture project, Sepulveda said that they will wait for its finalization before commenting on the matter.

 He noted that it would take three years before the project would be realized and that if ever Filinvest could not pay the P1.5 billion for the 10-hectare lot in time, they will look at the contract and see if it is all right to try again. –with Johanna Natavio and Darlene Sino Cruz/NLQ (THE FREEMAN)