CEBU, Philippines - Mayor Tomas Osmeña yesterday said SM Prime Holdings Inc. has not demanded for any projects to be implemented near their establishments, contrary to the claim of his cousin, former senator John Henry Osmeña.
Osmeña explained that the management of SM Prime Holdings Inc., the owner of SM City Cebu in North Reclamation Area, is only requesting for certain projects and did not demand for it.
According to the mayor the management of SM City Cebu is not monopolizing the policy of Cebu City that gives incentives to businessmen who will pay their taxes in advance, and in return are allowed to request how their taxes will be spent.
“Mao g’yod na siya kusog kaayo mangita og mga sayop,” the mayor described the former senator, but he said while the city is willing to approve the request of those taxpayers who pay their taxes in advance, he makes sure that the project will also be approved by the Commission on Audit.
SM Prime Holdings President Hans Sy has offered to pay the city P50 million as advance payment for their future tax obligations on condition that the money will be spent for the development of its nearby areas, including roads near the SM City Cebu.
In the draft memorandum of agreement to be signed by Osmeña and Sy it was stated that part of the advance taxes of SM City will be spent for the installation of traffic road signs, construction of center islands and rehabilitation of roads near the mall, including the nearby Mahiga Creek. — Rene U. Borromeo/BRP (FREEMAN NEWS)