Carbon market rehab to boost economy — Cebu bizmen

CEBU, Philippines —  Local businessmen said the Carbon rehabilitation project will bring in more economic opportunities for Cebuanos.

Edward Tan Ting, who represents establishments around the Carbon district and head of three corporations in the area, said it will surely generate economic growth and in effect provide more jobs and create more business opportunities.

Ting also looks forward to showcasing Cebu in terms of architecture, products, and services, aside from developing a transport hub that will make downtown Cebu City more accessible to visitors from all over the province.

Topline Business Development Corporation (Topline)’s Eugen Eric Lim also signed the statement of support believing that the project will help the city cope up with the COVID-19 pandemic.

“We believe that despite the pandemic, it is important that we put value in our post-COVID future[...]this starts by having a safe, clean, and comfortable market that is comparable to the top marketplaces in the world,” said Lim.

As told by Cebu City Mayor Edgardo Labella earlier, the city is assured of higher income from Carbon on top of infrastructure improvements.

Cebu City accordingly will receive a minimum sum of P70 million annually from the project – P50 million from the annual guaranteed payments (AGP), subject to 10 percent escalation every five years, and more than P20 million in business and property taxes.

The AGP is part of the commitment of CEBU2WORLD Development, Inc. (C2W) to Cebu City under its joint-venture agreement. With this, Cebu City is assured of annual incomes significantly higher than past contributions from the Carbon Public Market.

Louie Ferrer, chairman of C2W, Megawide Construction Corp.'s wholly-owned subsidiary undertaking the modernization of the historic Cebu Carbon district (the Project), also illustrated the project’s benefits to the city.

“On top of the income, the project will also provide much sought-after infrastructure improvements in the district, which will further boost the business not just of existing vendors, business owners, even the karumateros, but the city as a whole.”

“This investment in Carbon – its people, its infrastructure, will have a multiplier effect on the city’s economy after this pandemic and beyond,” said Ferrer.

C2W will be investing a total of P5.5 billion in the phased rehabilitation of the area. The integrated program includes the development of six blocks that will include the market building, a wholesalers’ building, a new food destination the Boqueria, a lifestyle building, among others.

Another integral component of the building is the integrated transport hub, which will feature land terminals, an in-city airport check-in facility, and a water taxi terminal going to Mactan Island, and a new Sto. Nino chapel and park.  — KQD (FREEMAN)