CEBU, Philippines - Both Filinvest Land Incorporated (FLI) and city treasurer’s office (CTO) agreed to sit down and discuss the joint venture at the South Road Properties (SRP).
“FLI and the city treasurer’s office are scheduled to meet within the month to reconcile books pertaining to the first quarter remittance as part of the city’s share on the sales of residential condominium units at SRP,†an FLI statement read.
Acting city treasurer Emma Villarete said that while they already sent billing to FLI for their payment due at the end of June, they have yet to determine the amount.
“We cannot determine as of now the exact amount because it will depend on the latest sales. We have a basis on the computation. I agree with them that we need to discuss and compute the amount due in accordance with the terms in the joint venture agreement,†Villarete said.
FLI said they have received the billing from CTO and in turn submitted their latest computations based on sales records.
The FLI statement further noted that last year, they have handed the city government the first dividend and an advance payment amounting to P50million. (FREEMAN)