Rep. Garcia advises city to review Filinvest offer

Cebu second district Representative Pablo Garcia yesterday advised Cebu City government to review the joint venture proposal of land developer Filinvest Land Inc. (FLI).

Garcia said he learned that the city is only requiring a 10 percent share of FLI’s sales every year.

“Alkanse ang siyudad. Mura’g lutoon ang siyudad sa iyang kaugalingong mantika,” he said.

Garcia’s daughter, Governor Gwendolyn Garcia, had earlier said that the province is “very interested” to challenge the proposal of FLI to develop 50 hectares of the reclaimed South Road Properties (SRP).

FLI has submitted a proposal to buy a 10-hectare waterfront lot at the SRP for P1.8 billion.

It also offered to develop a 40-hectare portion into a high-rise condominium complex and office buildings under a joint venture with the city government.

If the city will only have a share of 10 percent from the FLI, the older Garcia said it could not even get the value of its property, which is P7.2 billion of the 40 hectares that are under the joint venture.

The FLI is bidding for SRP’s seafront property near the boundary with Talisay City and a large portion of inland lots.

The SRP was built by a loan obtained by the city government from the Japan Bank for International Cooperation (JBIC). The loan is payable until 2020.

“Lugi gyud kaayo ang city. They don’t even get the value of their land,” Rep. Garcia said, adding that the joint venture rate should be at 40-60 percent or 50-50 percent sharing. — Garry B. Lao/LPM (THE FREEMAN)