Nalzaro: Nothing yet to rejoice about (South Road Properties)
By Bobby Nalzaro
Monday, September 29, 2008
Saksi
CITY officials should not rejoice yet on the unsolicited proposal of Filinvest Land Inc. (FLI) to put up a multi-billion investment at the South Road Properties (SRP) because proposals are still proposals. It can be pursued or scrapped if things go wrong, especially when it involves a government transaction and where every detail is reviewed thoroughly.
The FLI proposal is just like a man proposing marriage to his girlfriend. Until they walk down the aisle and sign a marriage contract, everything is up in the air. Mahulog pa man gani nang mumho nga naa na sa baba, kana pa kahang business transaction.
Filinvest, one of the biggest developers in the country, is proposing to develop a 50-hectare portion of the SRP with 10 hectares in outright sale and 40 hectares in joint venture with the Cebu City Government. The developer plans to put up high-rise buildings, an ultra high-end residential area, a medical facility for retirees and other infrastructures.
In a joint venture agreement there are procedures and regulations that need to be followed. The government watchdog, Commission on Audit (COA), should be actively involved in the process to determine if the transaction is not disadvantageous to the City Government and perhaps some brilliant legal minds should also be consulted to avoid legal implications in the future. What if a taxpayer or any individual for that matter sabotages the transaction by going to court, delaying the entire process?
City Hall officials should be reminded about their own undertakings in stopping the joint venture agreement of the Provincial Government and that of a China-based consortium to develop the Capitol-owned lot in Banilad into a high-end residential area called Ciudad Sugbo. The project has been put on hold after the Cebu City Council passed an ordinance stopping the development in the area until traffic problems are solved. The council, I presumed, was acting on the orders of Mayor Tomas Osmeña because he and Gov. Gwen Garcia are at odds.
Basin baya ang taga City Hall maoy ma-unay sa tari. I am for sure by now Tomas critics on the SRP are already mapping out plans to “sabotage” the forthcoming deal. We might be shocked one day that a taxpayer has gone to court questioning the deal, or perhaps the losing bidder because the FLI proposal is still subject to challenge by any other interested entity before a bidding is conducted.
What about Tinago Barangay Councilor Joel Garganera and his cohorts going to court? What will be the cause of action? Well, money and politics are enough bases for a cause of action. I remember a lawyer-friend who told me about his story. He was asked by his client to file a case against the latter’s business partner. So, he did.
When my friend and the lawyer of the other party incidentally met at the Palace of Justice building, he was confronted by the lawyer. “Pataka man lang kag pasaka ug kaso sa akong kliyente Pañero nga wala man toy cause of action ang imong kaso.” My lawyer-friend fished his wallet out of his pocket, which was filled with huge bills and showed it to the lawyer and remarked, “kini diay (pointing to the money in his wallet) dili ni cause of action.”
My friend Joel Garganera should not worry. I am sure that until the end of the year this proposal by FIL will not materialize. Tomas and other city officials should show first the Cebuanos the color of the FLI check or money before we start rejoicing. And that certain Joel Marie Yu, Tomas’ top agent on the SRP, should stop bragging and talking about this transaction as not to waste his saliva. Ug ang mga sugarol pay pasultihon layo pa ni sa tinai sa manok. Nagbuwa lang na imong laway, Mr. Yu.