{"id":149549,"date":"2012-02-21T07:27:30","date_gmt":"2012-02-20T23:27:30","guid":{"rendered":"https:\/\/newsinfo.inquirer.net\/?p=149549"},"modified":"2012-02-21T07:27:30","modified_gmt":"2012-02-20T23:27:30","slug":"city-hall-to-ask-p600-m-share-from-filinvest","status":"publish","type":"post","link":"https:\/\/newsinfo.inquirer.net\/149549\/city-hall-to-ask-p600-m-share-from-filinvest","title":{"rendered":"City Hall to ask P600-M share from Filinvest"},"content":{"rendered":"

CEBU City Hall will ask a developer to fast-track the release of P600 million as its share of the proceeds of the South Road Properties (SRP) lots.<\/p>\n

Emma Villarete, assistant city treasurer for administration, said City Treasurer Ofelia Oliva will write Filinvest to ask for the release of the city\u2019s P600-million share during the first quarter of the year.<\/p>\n

Cebu City Mayor Michael Rama said in a separate interview that the P600-million joint venture share \u201cis money that I\u2019ve been asking for.\u201d<\/p>\n

The amount is part of the P1.275 \u00a0billion in SRP sales proceeds.<\/p>\n

Half of the amount or P675 million is payment for the land that \u00a0Filinvest Land Inc. (FLI) and SM Prime Holdings bought.<\/p>\n

The remaining P600 million is the city\u2019s share from its joint venture with Filinvest.<\/p>\n

The company is developing condominium units in a portion of the SRP.<\/p>\n

\u201cThe amount is the city\u2019s share in their preselling of condominium units,\u201d said Villarete during a press briefing held at the mayor\u2019s office conference room.<\/p>\n

The P600 million is a fresh source of funding that Mayor Rama intends to use to fund projects that were dropped from the city\u2019s annual budget, Villarete said.<\/p>\n

Rama proposed an executive budget of P11.8 billion, but the council only authorized a P5.2-billion budget.<\/p>\n

Rama said available funds would make his administration implement more drainage projects and work on the capability enhancement of the police and the fire department.<\/p>\n

He said the funds will also go to improvements in the city\u2019s traffic system, disaster response programs and to install security cameras to help keep the city\u2019s peace and order.<\/p>\n

Villarete said the city government also released P270 million yesterday as payment for its amortization for the SRP.<\/p>\n

She told reporters that the release represents the city\u2019s first-quarter payment for its SRP debt with the Japan Bank for International Cooperation (JBIC).<\/p>\n

Of the cash receivables, Villarete said only P675 million has been identified as fund source for the city\u2019s P5.2-billion annual budget. Chief of Reporters Doris C. Bongcac<\/p>\n","protected":false},"excerpt":{"rendered":"

CEBU City Hall will ask a developer to fast-track the release of P600 million as its share of the proceeds of the South Road Properties (SRP) lots.<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1242,1227],"tags":[21933,30463],"byline":[],"source":[206068],"column":[],"editor":[],"videographer":[],"position":[],"acf":[],"yoast_head":"\nCity Hall to ask P600-M share from Filinvest | Inquirer 黑料社<\/title>\n<meta name=\"description\" content=\"CEBU City Hall will ask a developer to fast-track the release of P600 million as its share of the proceeds of the South Road Properties (SRP) lots.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newsinfo.inquirer.net\/149549\/city-hall-to-ask-p600-m-share-from-filinvest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"City Hall to ask P600-M share from Filinvest | Inquirer 黑料社\" \/>\n<meta name=\"twitter:description\" content=\"CEBU City Hall will ask a developer to fast-track the release of P600 million as its share of the proceeds of the South Road Properties (SRP) lots.\" \/>\n<meta name=\"twitter:creator\" content=\"@inquirerdotnet\" \/>\n<meta name=\"twitter:site\" content=\"@inquirerdotnet\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cmiranda\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"City Hall to ask P600-M share from Filinvest | Inquirer 黑料社","description":"CEBU City Hall will ask a developer to fast-track the release of P600 million as its share of the proceeds of the South Road Properties (SRP) lots.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/newsinfo.inquirer.net\/149549\/city-hall-to-ask-p600-m-share-from-filinvest","twitter_card":"summary_large_image","twitter_title":"City Hall to ask P600-M share from Filinvest | Inquirer 黑料社","twitter_description":"CEBU City Hall will ask a developer to fast-track the release of P600 million as its share of the proceeds of the South Road Properties (SRP) lots.","twitter_creator":"@inquirerdotnet","twitter_site":"@inquirerdotnet","twitter_misc":{"Written by":"cmiranda","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/newsinfo.inquirer.net\/149549\/city-hall-to-ask-p600-m-share-from-filinvest#article","isPartOf":{"@id":"https:\/\/newsinfo.inquirer.net\/149549\/city-hall-to-ask-p600-m-share-from-filinvest"},"author":{"name":"cmiranda","@id":"https:\/\/newsinfo.inquirer.net\/#\/schema\/person\/a62383c42c222a10aad7acab735f860d"},"headline":"City Hall to ask P600-M share from Filinvest","datePublished":"2012-02-20T23:27:30+00:00","dateModified":"2012-02-20T23:27:30+00:00","mainEntityOfPage":{"@id":"https:\/\/newsinfo.inquirer.net\/149549\/city-hall-to-ask-p600-m-share-from-filinvest"},"wordCount":357,"commentCount":0,"publisher":{"@id":"https:\/\/newsinfo.inquirer.net\/#organization"},"keywords":["Filinvest","joint venture"],"articleSection":["CDN - 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