The recent realignment of political forces in the Cebu City Council continues to be a juicy topic among political observers, who, this early anticipate a bruising mayoralty race in 2016 between incumbent Mayor Michael “Mike” Rama and archrival Tomas “Tommy” Osmeña. As we know, four council members formerly identified with Tommy bolted the Bando Osmeña Pundok Kauswagan (BOPK) precipitating a re-alignment of forces which some say would have a spreading effect in the grassroots level.
The rematch between Mike and Tommy come 2016 would be intriguing because of a particular issue that has gravely impacted on the cash position of the city and threatens to polarize the public.
I’m talking about the South Road Properties and the obligations of the Cebu City government to the Japan International Cooperation Agency JICA.
In 2001, JICA, then known as Japan Bank of International Cooperation (JBIC) gave the LGU a loan of P6.5 billion to develop the 300-hectare South Reclamation Project.
The property is now called the South Road Properties (SRP), a premium real estate asset, that when ably and properly handled is expected to write off the city’s debt payments and bring in a bonanza of benefits in terms of investors who will buy lots at super value, set up businesses, generate employment and payment of business taxes not to mention the spreading effect that this will bring on the local economy.
Ahead of this scenario, though, is a painful challenge that now confronts the administration of Mayor Mike Rama.
This year, or 19 years after the loan was taken, the City’s balance still stands at P2.91 billion, including interest but excluding the guarantee fee and cost of currency fluctuations.
Five months ago, Mayor Rama was quoted as saying the city has paid a total of P7 billion for the SRP loan.
In February this year, the city paid P218 million, and close to P198 million this month.
Loans are generally provided at cost. In the case of the loan undertaken by the Cebu City Government from JICA, the cost comes in the form of currency fluctuations and guarantee fee on top of the interest charges.
Of these costs, the most volatile and variable are currency fluctuations, as they largely depend on the strength or weakness of both the global and the local economy.
The SRP loan is bleeding the city coffers dry and, were it not for the fact that both Tommy and Mike supported this project since its inception and implementation, the SRP would polarize the voting public.
In other words, we won’t see either protagonist hurling attacks against the other because to do so would amount to self-destruction. That’s why Mike can only cut Tommy short and say that as mayor he should call the shots in the SRP. Meanwhile, Tommy as the brainchild of the massive reclamation project continues to present himself as the better man to manage the SRP.
To quote boxing champion Manny Pacquiao, we’ll see the scatter in 2016.
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Last Saturday, I had the privilege of attending an intimate gathering to mark the birthday of one of Cebu’s radio icons, the venerable Virginia “Ginny” Vamenta. My invitation carried an urgent request to come on time (6:30 PM) to make sure that the surprise party will be kept under wraps.
Held a few days after Ginny’s birthday (August 22), I thought it was a well-laid out set up so that when Ginny stepped into the function room of Tsay Cheng Chinese Restaurant last Saturday, her expression was one of astonishment and happiness.
It was Ginny’s niece, Stella Go, who put the party together for her beloved auntie. Ginny’s children are all based abroad. Daughter Amelia and a son are US residents while the youngest son Ramon is a Canadian citizen. They all came out in virtual full-force last Saturday with the help of technology.
Ginny’s more than twenty grandchildren and great grandchildren also sent their well wishes via recorded video messages.
During the party, Ginny intimated that depression does set in whenever she’s alone in her modest house in Banawa, but thankfully friends would call and social functions keep her on the go.
At 92, Ginny is a ball of energy whenever she attends Zonta meetings, Girl Scout of the Philippines activities and association gatherings of fellow media workers.
She joked that her depression is temporary and has not gone up the level that afflicted comedian Robin Williams who committed suicide early this month.
Ginny is a glowing example of how to grow old gracefully and I’m glad that CDN’s lady boss Eileen Mangubat imparted the message to Ginny’s circle of friends, many of whom are into the sunset of their lives. According to Eileen, she would like to follow Ginny’s footsteps when she ‘grows up’.
How emphatic a statement to bring home the point that advancing in years is not growing old.
Once more with feeling, happy birthday, Ginny!
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