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Cebu City sees investment boom with Filinvest deal

[ Manila Bulletin Online ] January 25, 2009

By MARS W. MOSQUEDA JR.


CEBU CITY -- The recent awarding of contract to Filinvest Land Inc. (FLI) for the development of 50.6 hectares of lot at the controversial South Road Properties (SRP) is seen as a trigger that would further entice capitalists to invest in the area.


Cebu City Administrator and Joint Venture Selection Committee (JVSC) chairman Francisco Fernandez said investment offers will surely flood the JVSC office following the awarding of contract to FLI last Friday, after a series of controversies.


Members of the JVSC met on Friday and awarded to FLI the contract for a P25 billion joint venture project

at the SRP.


"The value of SRP lots will surely increase due to the FLI contract and with this, the city’s revenue will also increase," said Fernandez as he stressed that the JVSC is still waiting for a City Council resolution that would authorize Acting Mayor Michael Rama to enter into a contract with FLI.


Fernandez said the city has suspended entertaining proposals from investors as it is focusing its sight on the multi-billion FLI investment. With the awarding of contract last Friday, Fernandez said the city will open its doors again to investors.


"There are a lot of investors who are interested in the SRP but we set our focused on FLI. Now that the contract has been awarded, investors must resubmit their proposals to the city government," said Fernandez.


The city will also finalize the water systems installation and other needed developments at the SRP to further boost the market value of the property, said Fernandez, whose committee junked the proposal of the provincial government that challenged the proposal of FLI.


"We will now have to be picky. We are no longer in a hurry and we are not that desperate for investors anymore," said Fernandez.

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