CEBU, Philippines - Filinvest Land Inc. yesterday handed over to Cebu City Mayor Tomas Osmeña a check for P11.5 million as the firm’s advance tax payment to the city.
FLI has decided to pay taxes in advance on condition that the money will be spent only to improve the drainage systems and road concreting within its ongoing commercial condominium project in barangay Kasambagan.
The property developer’s vice president Tristan Las Marias personally handed over the check worth P11,557,109 to Osmeña who assured him that the city will comply with FLI’s request to encourage other businessmen to follow their example.
Part of the amount will also be used to install street lights along the vicinity of the One Oasis Mabolo project.
Las Marias said One Oasis Mabolo project is a P1.4-billion investment of FLI, which will feature 10 medium-rise commercial buildings on a 3.7-hectare property in barangay Kasambagan behind the Cebu Country Club.
One Oasis is one of the P10 billion worth of projects that Filinvest will be putting up in Cebu.
The barangay officials earlier opposed the construction of the project for fear that it might cause drainage problem within the nearby areas that prompted FLI to find solutions.
In last week’s city council session, the city legislators allowed the mayor to enter into and sign the memorandum of agreement with FLI for the advance tax payment.
It was provided for in the memorandum of agreement that the city shall issue the notice of award of contracts to the qualified bidder who will undertake the project to be completed not later than eight months.
In the past few years the city also accepted the advance tax payments of SM City Cebu amounting to P53 million on condition that the money will be spent to improve the roads and drainage systems near the mall in the North Reclamation Area.— Rene U. Borromeo/BRP (FREEMAN NEWS)