Council forms committee to review SRP bids
The Cebu City Council yesterday formed a three-person adhoc committee that would review all proposals relating to the South Road Properties (SRP) to ensure transparency in the transactions.
Councilors Mary Ann delos Santos, Nendell Abella and Eugenio Gabuya Jr. were tasked to make a parallel review on sales and lease proposals without having to overlap on the function of the city’s Bids and Awards Committee.
It also won’t encroach on the council’s urban planning committee headed by Councilor Noel Wenceslao, Councilor Margot Osmeña said.
“The adhoc committee will just concentrate on the SRP. There will be no overlap of functions,” she said.
Two SRP lease proposals were included in the agenda of yesterday morning’s council session.
Negotiate
One was from Joey Flodeliza, area manager for retail development of Total Philippines Corp.
The second came from Bunny Pages, CEO and chairman of Bright Academy who expressed interest to lease lot at the SRP for a playhouse campus there.
The council had the two proposals referred to Mayor Michael Rama and the BAC.
The council earlier approved a resolution during their August 13 session authorizing Rama to negotiate and sell SRP lots.
Councilor Gerardo Carillo, one of the proponents of the resolution, said a plan to dispose 45-hectares of the SRP would earn the city about P12 billion.
Of that amount, P3 billion will be used to pay off the balance of the city’s loan with the Japan International Cooperation Agency (JICA) used to fund the reclamation project now known as the SRP.
He said selling land is a good alternative to Rama’s plan to avail of a new loan to buy out the city’s SRP loan.
Rama said in a separate interview that he intends to push through with his buy out plans.
“If the mayor will still push through with availing of a new loan, I will personally oppose it,” Carillo said.
In a letter sent to local dailies, former mayor Tomas Osmeña questioned plans to sell 45 hectares of lots at the SRP to pay off the P3 billion balance of the city’s loan with the Japan International Cooperation Agency (JICA).
He said one hectare of land at the SRP, if sold at P50,000 per square meters, will already earn the city P500 million, more than enough to take care of the city’s annual amortization.
“So, we sell 45 hectares of land to save one hectare? Pagka bright gyud ang mayor,” Osmeña said.
Related Stories:
Rama to pursue loan to settle SRP debt
It’s official: Rama can now sell SRP lots
Rama gets green light to sell portions of SRP
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