CIPC: Investors expressing interest for SRP

CEBU, Philippines - A lot of investors have expressed interest on the South Road Properties (SRP), the sale of which has been affected by the political bickering between Mayor Michael Rama and the Cebu City Council.

The Council wants to sell the lots only after the construction of SM and Filinvest projects are completed.

Joel Mari Yu, managing director of the Cebu Investment Promotion Center (CIPC), said there are several investors who already informed them that they want to invest at the SRP.

“CIPC continues to receive and evaluate proposals although we will have to admit that most of the people who are interested in investing at the SRP are aware of the conflict between the mayor and the City Council,” Yu told The Freeman.

Yu said the investors are just waiting for whatever development of the existing differences between the mayor and the City Council.

“Ang mga tawo gahuwat lang og kanus-a mahusay ang diperensya,” Yu said when asked why the CIPC has failed to convince investors to invest at the SRP during the administration of Rama.

CIPC was established in 1994 for the primary purpose of promoting Cebu to foreign investments. Legally registered as a non-stock, non-profit foundation, it is a joint undertaking of the Province of Cebu, the Local Government Units of Metropolitan Cebu and at least 50 of the largest corporations operating in Cebu.

Yu explained that the CIPC, which was created sometime in 1994, was tasked to invite foreign and local investors to put up business in the city, not only at the SRP.

“SRP is not the only thing that CIPC does, it is just an additional task of the CIPC without giving us additional financial assistance from the city,” said Yu.

The city is giving P3 million to the CIPC every year to augment its operation, however, the policy of the Commission on Audit (COA) is that the amount should not be used for personal services such as salaries and other emoluments.

Rama wants to sell portions of SRP to augment the annual budget of the city for this year but no investors showed up to purchase the lots.

The City Council supports the stand of Cebu City South District Rep. Tomas R. Osmeña that the cost of the lots will increase if it will be sold after the completion of projects being undertaken by Filinvest Land Inc. and SM Prime Holdings Corporation. – (FREEMAN)