Filinvest brass meets Tom: Capitol moves worry SRP investor

CEBU, Philippines – Officials of Filinvest Land Inc., the first company to close a deal at the South Road Properties (SRP) went to City Hall yesterday to express worry over the recent pronouncements made by the Provincial Government against their P25 billion project.

FLI vice president for Visayas and Mindanao, Tristan Las Marias yesterday visited Cebu City Mayor Tomas Osmeña’s office, not only for important things to discuss prior to the mayor’s trip back to the US this Saturday, but more to express the company’s concern with the constant attacks made by Cebu Governor Gwendolyn Garcia and her associates.

The most recent was the move of Garcia’s brother, Cebu 3rd District Representative Pablo John Garcia to raise the matter to Congress for a House Inquiry due to alleged irregular provisions of the Joint Venture Contract between FLI and Cebu City.

The Mayor considered such move as harassment while Congressman Garcia said it is just a “full blown fight”.

Osmeña in an interview late afternoon yesterday said these had indeed affected FLI.

“Of course they are affected, it’s like hey we want to help the city and why are they picking on us? This is actually the aim of the Province to pick on our projects,” Osmeña said.

According to Osmeña, Filinvest made a very good offer and everything is done following the rules set by Commission on Audit (COA) and other agencies.

“We even lowered the requirements (of interested challengers) not according to the standards of FLI, which is about P100 billion worth and had built over 150,000 units, to let at least 10 companies qualify,” he said.

He said the logic of the Province was only to buy 10 hectares in the SRP which is not the plan of the City.

“We receive an offer for 50 hectares not 10, the offer of Filinvest was written in such a way that they are buying 50 and not 10, we don’t accept partial, why will you be angry if we are not selling you 10 hectares, who are you to tell us,” Osmeña said.

If such is the case, then it will not prevent other companies from dictating on the city to separate only several square meters for their respective projects, he said.

He however said that he is assuring them and other investors especially matters pertaining to the SRP that he will stand for them even if he is already back in the US.

When asked whether he would heed to suggestions of other media to do the same move of Governor Garcia to invite all her critics for a point by point clarification on the irregularities of the Cebu International Convention Center (CICC), Osmeña said he had been doing that since day one.

“I am answering you (reporters) or anyone for issues and questions, everything is transparent,” Osmeña said.

Cebu City Administrator Francisco Fernandez for his part furnished a copy of the Appraisal Report made by the COA Regional Office stating the suggested selling prices of the lots at the SRP.

Inner lots are recommended to be sold at P7,100 per square meter, but the city is selling them at P9,000. For prime lots along main road, COA recommended a price of P9,200 per square meter, but the city sold it at P11,000. While prime lots along beach line, are priced by COA at P11,400 but is sold by City at P15,000.

FLI bought outright 10 hectares of prime lots along beach line and the 40.6 hectares joint venture for P11,000 which Osmeña termed as the livelihood component of the project.

FLI already made an initial payment of P348 million for the purchase of the 10 hectares and is set to start development work in less than six months.

Osmeña, who is back for a short two-week rest after four months in the US for chemotherapy, once again raised the issue of the 5,000 urban poor families that are affected by the effort of the province to regain its lots.

A land swap deal was proposed, but fizzled out when leaders of both local government units could not agree.

The city later cancelled the permits issued to the province, which tried to develop one of its properties in the Banilad-Talamban corridor due to concerns about traffic congestion.

While Osmeña was in the US, the province also offered a competitiove challenge to the bid of Filinvest for the SRP property, but wasn’t given the green light to do so by the Joint Venture Selection Committee for failure to meet certain pre-requisites. —/NLQ (THE FREEMAN)