Special council session set for South Road Properties dev’t pact

By Jully Venus Cuizon, Correspondent


A special session will be held tomorrow by the Cebu City Council to deliberate on the fine print in the joint venture agreement between the city and Filinvest Land Inc. for development of the 50.6 hectares of the South Road Properties (SRP).

This was decided after yesterday’s teleconference between Cebu City Mayor Tomas Osmeña, who is in Houston, Texas for medical treatment, and some councilors concerning the details of the P25 billion joint venture contract with Filinvest.



It was an “informal conversation” with Osmeña who wanted to be updated on the negotiations with Filinvest said acting Mayor Michael Rama.

It was a back-and-forth exchange of “question and answer” as Osmeña sought clarifications on the contract said Councilor Gerardo Carilo.

The Joint Venture Selection Committee (JVSC) is seeking the council's approval to authorize Rama to sign the contract between Filinvest and the city government.

Acting Vice Mayor Hilario Davide said the committee on laws will submit its report and recommendations on the contract to the council.

After Rama signs the contract, the city will receive P338 million from Filinvest as initial payment for the outright purchase of 10.6 hectares of prime reclaimed property in SRP.

Filinvest was virtually guaranteed the contract after Rama denied with finality the motion of appeal filed by the Cebu provincial government challenging the developer's proposal to the city.