Despite criticisms, Isla dela Victoria project development in full swing

By Rosalie O. Abatayo |April 24,2019 - 09:26 PM

A fence is being constructed in the eight-hectare Kawit Island property as the Gokongwei-led Universal Hotels and Resorts Inc. starts the development of the P18-
billion Isla dela Victoria project. | CDND PHOTO

CEBU CITY, Philippines — Development of the P18-billion Isla dela Victoria project is now in full swing despite continued scrutiny from critics.

Lawyer Amando Virgil Ligutan, legal counsel of Cebu City Mayor Tomas Osmeña, said on Wednesday, April 24, that the cases filed by the critics of the project did not make any significant progress in the courts.

“Nisuway og file og daghan nga kaso ang grupo sa opposition against the Isla dela Victoria project but luckily, not a single case has progressed so far. Na-deny ang ilang mga motion for the issuance of a TRO (Temporary Restraining Order),” said Ligutan.

(The opposition tried to file cases against the implementation of the Isla dela Victoria project but luckily, not a single case has progressed so far. Their motions for the issuance of a TRO was likewise denied.)

READ MORE: TRO petition for Kawit Island project junked

Ligutan also defended the project from the claims of Vice Mayor Edgardo Labella that the project is “disadvantageous to the city.”

In a post on his official Facebook page, Labella said the two to 10 percent profit share that the city will get from the project after its 10th year is disadvantageous compared to the usual 60-40 partitions in joint venture agreements.

“Joint ventures in the private sector usually have a 60-40 sharing scheme, with the lot owner receiving a 40 percent share despite not investing cash (aside from land) in the joint venture project.,” Labella wrote.

But Ligutan said the allegation was misleading as he compared the ten percent share with the one percent profit sharing scheme of the Cebu-Cordova Link Expressway (CCLEX).

“Ang atong puhonan will only be a parcel of land that is not being used yet. This is actually a very good investment for the city and considering nga walay piso nga ipagawas ang syudad,” Ligutan explained.

(Our capital will only be a parcel of land that is not being used yet. This is actually a very good investment for the city and considering that it will not shell out any amount for this project.) / celr

READ MORE: ISLA DELA VICTORIA GETS OFF THE GROUND

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