CEBU, Philippines - The Filinvest Land Incorporated finally settled its monetary obligation costing P607.5 million to the Cebu City government.
Mayor Michael Rama confirmed yesterday that FLI has paid its obligation and handed over a P607,481,764 check payment to the Cebu City government yesterday afternoon. The P607,481,764 represents the “complete†minimum guarantee payment to the city for the first development phase of FLI at the South Road Properties. The amount also served as the city’s share in its joint venture agreement (JVA) with the company.
“We are transmitting a check in the amount of P607,481,764 representing the balance of the minimum guarantee payment to the Cebu City government for the first development phase per Sec.8 of the JVA, net of the seven percent sales commission, sales and marketing expenses, and the corresponding withholding taxes,†Joseph Yap, FLI Board Director, said.
Tristan Las Marias, FLI first vice president for Visayas and Mindanao and Yap personally handed over the check to Rama. With this, the City Council yesterday also passed a resolution authorizing Rama to sign the pertinent documents for the transmission of checks.
“The payment is a testament to the strong and cordial partnership that the city and FLI have with the SRP joint venture. The city is committed to maintain that cordiality and to support FLI to make the joint venture successful so the Cebuanos can benefit from the SRP investment,†Rama said during the turnover of check, witnessed by Vice Mayor Edgardo Labella, City Councilor Gerardo Carillo and City Treasurer Diwa Cuevas.
On the other hand, Yap said they are committed to help the city by paying their obligations and dues.
“FLI’s payment shows our strong commitment to the joint venture and support to the city. We hope that, with these proceeds, we can help the city provide more basic services and fund more urgent projects for the Cebuanos. We remain bullish and committed to SRP’s development as it emerges to become the new and most exciting seaside destination in Cebu for residence and leisure,†Yap said adding that the company is committed to nurture its relationship with the city. — (FREEMAN)