Pelaez shelves investment plans until after elections

CEBU, Philippines - Businessman-turned-politician Efrain Pelaez Jr. has stopped all his investments in Mactan Island to underscore his resistance to the current Lapu-Lapu City local government under the administration of Mayor Arturo Radaza.

He revealed in a press conference of his company’s plans to expand CoralPoint Village Resort, and pursue its condominium-hotel project in Agos and beach resort in Sta. Rosa.

“As of now, everything in the pipeline will have to depend on what happens (this coming election.) Everything is put on hold until we have an honest government in Lapu-Lapu. I don’t want to experience what the other businessmen in the island have experienced with the local government,” Pelaez said in a press conference.

Pelaez, president of CoralPoint Development Corp.(CPDC), has accused the current administration of graft and corruption, which allegedly is his reason for running against Radaza’s mayoralty candidate, his wife Paz.

He said the company may divert its plans to developing its properties in Liloan instead.

CPDC announced in 2007 that it will develop the first phase of its residential project, Coral Point Gardens Executive Residences located within the four-hectare Coral Point Village Resort Complex.

The four-building executive residences and service apartments that will occupy around 8, 000 square meter of the complex, would have also serve as retirement condo units, Pelaez said.

“We want to do more, but not unless Radaza is there,” he said.

 CPDC is also the developer and operator of the Mactan Marina Mall, and Mactan Southgate Plaza Inc.