ABOUT P50 million was paid by Filinvest Land Inc. (FLI) to the Cebu City government last December as part of its joint venture share from the pre-selling of condominium units being built at the South Road Properties (SRP).<\/p>\n
\u201cIt might not be the same amount as projected but at least we are now getting our share from FLI,\u201d acting City Treasurer Emma Villarete said in a press briefing held at the mayor’s office conference room yesterday.<\/p>\n
Former city treasurer Ofelia Oliva computed the joint venture share to have already reached at least P600 million. An additional payment will be made in June this year.<\/p>\n
The P50 million represents 10 percent of the proceeds from the pre-selling of Filinvest’s condominium units at the SRP. Villarete said Filinvest is still processing the city’s share.<\/p>\n
Still, they made an initial payment of P50 million before the December 30 deadline set by the city, Villarete said.<\/p>\n
\u201cBut when the city’s share is already determined, we can always adjust and deduct payments already made,\u201d she said.<\/p>\n
Villarete said the Filinvest payments is an assurance that the city treasurer’s office can meet its collection targets of P4 billion this year to fund the city’s P5.2 billion budget.<\/p>\n
The remaining balance of the budget will be taken from other sources like the city’s Internal Revenue Allotment (IRA) share of at least P1 billion and sales of government lots.<\/p>\n
Still, Villarete said, her office will target P5 billion to P6 billion local revenue collections this year.<\/p>\n
Since 2013 is an election year, it cannot be avoided that the city government would always need more funds, said Villarete.<\/p>\n
Villarete said her office is also working to pre-terminate P175 million in City Hall funds placed on time deposit with the Philippine Veterans Bank.<\/p>\n
Also included is another P200 million in a tagged account with the PS Bank, she added. Chief of Reporters Doris C. Bongcac<\/p>\n\n","protected":false},"excerpt":{"rendered":"
ABOUT P50 million was paid by Filinvest Land Inc. (FLI) to the Cebu City government last December as part of its joint venture share from the pre-selling of condominium units being built at the South Road Properties (SRP). \u201cIt might not be the same amount as projected but at least we are now getting our […]<\/p>\n","protected":false},"author":66,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1242,1227],"tags":[2573,21933],"byline":[],"source":[206068],"column":[],"editor":[],"videographer":[],"position":[],"acf":[],"yoast_head":"\n