Council sets special session to tackle contract for South Road Properties

Cebu - The Cebu City Council will hold a special session on Monday to discuss the Joint Venture Contract between the City Government and Filinvest Land Incorporated (FLI).

The city council will only give authority to Acting Cebu City Mayor Michael Rama to sign the contracts and documents on behalf of city after this session.

The letter of Cebu City Administrator Francisco Fernandez, Joint Venture Selection Committee (JVSC) head was only noted during the regular session yesterday.

Instead of pushing for its approval, Councilor Augustus Pe asked that it be referred to the Committee on Laws to look into the contract.



Committee on Laws chairman Edgardo Labella assured a report will be ready for discussion on Monday.

The letter asked that authority be given to Rama to sign the JV agreement and other contracts governing the relationship between Cebu City and Filinvest for the development of 50.6 hectares of land at the SRP.

Filinvest was finally awarded the project last Friday.

Filinvest will put up an investment of P25 billion for this project.

The Provincial Government attempted to bid for the same project, but was rejected twice by JVSC for reasons on lack of jurisdiction, lack technical expertise and lack of financial capability.

With the project awarded to FLI, Cebu City will not have to worry where to source the P300 million, which is its obligation to its creditor bank for the first quarter of the year.

FLI’s investment will accordingly total to P80 billion in 25 years. — Ferliza C. Contratista/NLQ (THE FREEMAN)