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Filinvest expects Capitol commitment to venture

By: Aileen Garcia-Yap December 17,2014 - 03:27 AM

Officials of Filinvest Land Inc. said yesterday that they respect the preliminary injunction issued by the Cebu City Regional Trial Court against the demolition of the wall along W. Geonzon Street.

But they said they expect the Cebu provincial government to uphold their commitment to the joint venture.

“It’s a joint venture with the Province of Cebu and we expect that they will uphold their commitment to the joint venture partnership,” said Filinvest Land Inc. president and chief executive officer Lourdes Josephine Gotianun-Yap.

Engr. Allan G. Alfon, Filinvest vice president for strategic planning in the Visayas and Mindanao, said they are hoping for a resolution that will favor the progress of Cebu.

“The province is doing its best to finally resolve this with or without the injunction. The revenues and employment opportunities will suffer if this does not get resolved,” he said.

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The preliminary injunction order was issued last December 12 by Executive Judge Soliver Peras of the Cebu City Regional Trial Court.

The wall separates Filinvest Cyberzone Cebu from the Cebu IT Park along W. Geonzon Street.

The Filinvest Cyberzone Cebu sits in a 1.2 hectares lot owned by Cebu province.

Under the joint venture agreement, Filinvest will build and operate the complex for the next 25 years.

The Cebu province is set to earn P600,000 every month from the rental and two percent share from the gross revenue generated from locators.

Alfon said the first tower alone can accommodate 12,000 seats for outsourcing companies and can fuel more employment opportunities for Cebu.

 

Related Stories:

Court injunction stops City Hall, Filinvest from demolishing I.T. Park fence

Filinvest wants concrete wall near IT Park torn down

Capitol worried CPVDC-Filinvest dispute will affect revenue

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TAGS: Ayala, Capitol, Cebu City, Filinvest, investment, it park

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