Capitol richer by P2 billion in assets

CEBU, Philippines —  Cebu Province is now P2-billion richer in assets after fully acquiring ownership of another tower at the Filinvest Cyberzone, a joint venture development between the provincial government and Filinvest Land Inc. (FLI), in Barangay Lahug, Cebu City.

Cebu Governor Gwendolyn Garcia said the Capitol’s acquisition of Tower 2 means additional asset for the province. As of December 2021, the total assets of Cebu Province was pegged at P213 billion.

“This will again increase our assets. In fact, Tower 1 has already been turned over and Tower 2. I think the Tower 1 was included in the computation of our total assets for the year 2021,” Garcia was quoted in a Sugbo News report.

Garcia and FLI officials led the unveiling of the commemorative marker at Filinvest Cyberzone Tower 2 last Wednesday. The Tower 1, which was turned over in 2016, was already included in 2021 assets of the province.

In her speech, Garcia the partnership between the Capitol and Filinvest falls "at the right time for the right reason.”

“And this is the right reason: a mutually beneficial partnership with Filinvest that can only mean more revenues for the Province of Cebu, added assets to the Province of Cebu and, together with Filinvest, give more opportunities of progress and development to our beloved Province of Cebu.” Garcia said.

Tristan Las Marias, executive vice president and chief strategy officer of FLI, said the Capitol has gained additional P4 billion worth of assets from the two towers. He added that two more towers are coming.

The project was entered into by the Capitol and FLI in 2012, during Garcia’s third term as governor, under a build-transfer-operate (BTO) agreement.  Under the said agreement, Filinvest would build four business process outsourcing (BPO) towers on the 1.2- hectare property owned by the province of Cebu.

Once construction is completed, the buildings will be turned over to the Capitol with the real estate developer granted a 25-year right to operate and manage the property. — FPL (FREEMAN)