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":"\n