No harm in donating South Road Properties lot to UP - Yu

Sugbu Buillding during Christmas Season

Updated February 05, 2009 12:00 AM

CEBU - The Cebu Investment and Promotion Center, the marketing arm of the South Road Properties, is confident that the city will not be at a loss if it donates a parcel of land at the SRP to the University of the Philippines.

CIPC head Joel Mari Yu explained that there are sufficient safeguards and guarantees placed within the contract for the donation, one of which is the provision that the city can recover the property if UP fails to start a project or fail to put up the agreed number of structures therein within three years.



“If within three years, the UP administration failed to start the project, or failed to put up the minimum number of structures, then Cebu City gets back the property,” Yu said.

Mayor-on-leave Tomas Osmeña has wanted UP to offer masters degree programs at a separate campus at the SRP. Osmeña specifically wanted the university to offer a master’s degree on accountancy to those that would be employed by locators at the SRP.

“It is the Mayor’s vision to have a portion of SRP as the center for Information Technology,” Yu said.

Councilor Rodrigo Abellanosa earlier has asked to defer the approval of the resolution covering the Deed of Donation, saying the move involves a very high risk, one of which is the capacity of the national government to allocate sufficient funds to start and sustain a new project for the university.

UP itself has failed to recover its properties in barangay Lahug and a big chunk of land in barangay Lawaan in Talisay City, which are now being occupied by illegal settlers.

Abellanosa then proposed to open the donation to other universities like Ateneo and La Salle before the city arrives at a decision. — Ferliza C. Contratista/JMO (THE FREEMAN)