CEBU, Philippines - The local government of Cordova and a Chinese company have entered into a memorandum of agreement to bring in at least P2 billion worth of hotel and resort investments to the municipality.
The MOA was signed last Wednesday at the Mactan Shangri-La Hotel by Mayor Adelino Sitoy and Lou Nanji, chairman of Edview International, China. The other signatories on the part of Cordova are Teche Sitoy-Cho and her husband Hwan Bong “Charlie†Cho representing the Cordova Development Committee. Also signed in behalf of Edview International are its vice chairman Cho Hyang Yen, and president Yi Qin.
Both parties agreed to promote personal and material exchanges and cooperative projects.
Edview agreed to bring in investments to Cordova which the town mayor agreed to provide the needed administrative support.
They have also agreed to exchange developing strategy for hotel and resorts based on the support of Cordova and financial support of Edview.
Among the agreements is the exchange of faculties and researchers for the purpose of investment, development, and financial discussion.
Cordova also agreed to allow the use of its facilities for investors.
Charlie, whose wife Teche is running for vice mayor of Cordova, told The Freeman that the agreement will surely bring investments and create jobs for the people in the town.
According to Charlie, Edview was supposed to invest in Vietnam but he was able to convince its officials to come to Cordova instead. (FREEMAN)