South Road Properties framework plan
Linette C. Ramos
Sun.Star Staff Reporter
PLANS for the South Road Properties (SRP) drafted 15 years ago were amended to suit a mixed land use project and will be submitted to the Japan International Cooperation Agency (Jica) headquarters in Tokyo for approval.
The framework plan, if acceptable to Jica officials in Japan, will be the basis for the planning of utilities for the 302-hectare SRP.
Cebu City Administrator Francisco Fernandez said yesterday that based on their discussions with officials of the Jica-Manila office last July, the latter accepted and approved in principle the changes on the use of the SRP, from an export zone for light manufacturing firms to a mixed land use project.
The City Government’s plan for the SRP, which JICA Manila drafted into a document, will still have to be presented to the JICA board in Tokyo for approval.
Shift
Another change that will be presented to the Jica headquarters is the shift from leasing of SRP lots to selling the properties, which could enable the City to pre-pay Land Bank of the Philippines (LBP) the balance of its 12.315-million yen loan with Jica for the SRP. The LBP is the conduit bank for the loan.
Fernandez said the possibility of a pre-payment to LBP “worried” Jica, because LBP might also pre-pay the loan. Fernandez said, though, that LBP will not make pre-
payments to Jica and will use the money as a revolving fund instead, if the City Government agrees to pay the loan balance in advance.
“There will be a new agreement that will consider the changes of the time. The framework plan we made 20 years ago has to be amended. Jica already agreed that there have been changes, and so the agreement we had with Jica 20 years ago will have to be amended,” Fernandez told reporters yesterday.
Based on the presentation of Mayor Tomas Osmeña and Cebu Investment Promotions Center (CIPC) managing director Joel Mari Yu before Jica Manila officials, the latter drafted a new framework plan that will be submitted to their headquarters in the third week of January.
Assumptions
During a meeting with Asian Development Bank (ADB) representatives yesterday, Fernandez said they agreed that the revised plan will also be used as basis for the assumptions needed for them to proceed with planning activities on the utilities, including power and water supply, solid waste management, wastewater treatment facilities and public transport.
The City and the ADB-Cities Development Initiative for Asia agreed on the need to have certain assumptions on power and water supply requirements, estimated number of workers at the SRP, public transport needs, among others. The assumptions will be based on the JICA plan.
But even the assumptions will have to be flexible enough to allow the City to adapt to changes in the demands of the market and investors who would operate in the SRP, Fernandez said.
“If the new plan is acceptable to Jica, this will also be the basis of the second round of planning workshops with ADB for the utilities. It will be the basis of the assumptions and we have reached an agreement that even the assumptions should be made flexible,” he said.