Filinvest makes full payment for SRP lot

CEBU, Philippines - The final installment for Filinvest Land Inc.’s 10.6 hectare South Road Properties (SRP) lot purchase was paid Thursday.

Completing the due payment was the fifth check issued by FLI amounting to P234.8M based on the computation of the City Treasurer’s Office (CTO).

FLI vice president Tristan Las Marias handed the payment in front of Land Bank of  the Philippines officials to Cebu City Mayor Michael Rama.

FLI has paid a total of P1.1907 billion for the past four installments since the purchase was signed in 2009, city treasurer Emma Villarete told The FREEMAN.

After receiving the check payment, Villarete issued an official receipt.

The final deed of sale was also signed between the two parties.

Based on the agreement, Land Bank of the Philippines keeps the five land titles and must give one to FLI upon the set payment schedule.

Hence, the fifth and final title was given to FLI following the final pay.

The first title was released in March of 2010, when FLI paid the City some P348 million as first payment for the P1.59-billion Pond F, according to a report posted at the Cebu City PIO official Facebook account.

Rama said the P234.8 million last installment will be used as part of general funds.

Among the priority allocations under the general fund is the senior citizen’s financial assistance.

The joint venture payments have yet to be discussed between the city government and FLI, the mayor added.  (FREEMAN)