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Capitol gets over P9-M dividends from CPVDC

By: Victor Anthony V. Silva January 22,2016 - 12:18 AM

THE Cebu provincial government received dividends amounting to P9.3 million from the Cebu Property Ventures and Development Corp. (CPVDC), its joint venture with property developer Ayala Land, Inc.

Iris Josef-Mediano, CPVDC vice president and head of the business development group, personally handed the check to Gov. Hilario Davide III last Wednesday afternoon.

Provincial Administrator Mark Tolentino, who was present during the turnover, said CPVDC turns over the province’s dividends annually.

CPVDC, a subsidiary of Ayala-led Cebu Holdings, Inc., is the developer of the Cebu IT Park, which hosts most of the business process outsourcing (BPO) companies operating in Cebu.

Tolentino said the provincial government holds less than seven percent equity in the company.

“Before, it used to be enough to earn us a seat in the board of directors. Our participation has waned over the years, but we still get significant shares,” said Tolentino.

Provincial Treasurer Emmanuel Guial said the money will go to the province’s general fund. The Capitol has yet to decide on how to use the money.

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TAGS: Ayala Land Inc, Cebu, Cebu Property Ventures and Development Corp.

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