CEBU, Philippines - The Visayan Electric Company (VECO) has signed a memorandum of agreement with the Mandaue City government for the construction of a four-classroom building at the Paknaan Elementary School in Mandaue City through Public-Private Partnership.
However, the P1million building was finished last April and is expected to be turned over on August 16.
Sebastian Lacson, the senior vice president and chief operating officer of VECO, said the memorandum of agreement, which he and Mayor Jonas Cortes signed yesterday afternoon, is just a formal requirement of their corporate social responsibility (CSR).
Lacson said that as part of CSR, his company prioritizes education to help people improve their lives.
He said the electric company will shoulder 70 percent of the cost of construction while the 30 percent will come from the city government.
Lacson also assured that there will be more similar projects in Mandaue City.
Cortes, for his part, said he welcomes the partnership as it is one way to solve the lack of classrooms in both the public elementary and high schools in the city.