Capitol gets P9M share from CPVDC

CEBU, Philippines - The Cebu provincial government has received its annual dividend from Cebu Property Ventures and Development Corp. for last year amounting to P9 million.

CPVDC officials, led by Iris Josef-Mediano, vice president and head of the Business Development Group of CPVDC, handed over the P9 million check to Governor Hilario Davide III.

They were joined by provincial administrator Mark Tolentino, Capitol consultant Jing Lachica, and CPVDC consultant Mark Leo Chang.

The provincial government is part of CPVDC, the developer and operator of Cebu IT Park.

The dividend policy provides for shareholder’s participation in the company’s profits.

Tolentino said he observed that the province’s participation has waned throughout the years.

He also noted that the Capitol is no longer represented in the Board of Directors.

“But we still have significant shares nga every year mo-turn over ang (CPVDC),” he told reporters.

In a separate interview, acting provincial treasurer Emmanuel Guial reported that the province’s shares in CPVCD is at least eight percent or P77 million.

When asked where the P9 million would be spent, Guial said they have yet to discuss but the amount will go to the general fund of the province.  (FREEMAN)