THE Cebu provincial government stands to earn P1.1 million a month from the operations of the first business process outsourcing (BPO) building at the Cebu Cyberzone.
The province yesterday signed an agreement with Filinvest Land, Inc. (FLI) for the turnover of the building.
In turn, the province of Cebu conveyed to FLI the right to operate the said building.
The building is one of four towers planned at the Cebu Cyberzone, a 1.2-hectare development situated adjacent to the Cebu IT Park.
“I’d like to thank FLI for its continued trust and partnership between two institutions and we look forward to the construction of the Tower 2,” said Governor Hilario Davide III.
Joseph M. Yap, Cebu Cyberzone Properties, Inc. president, said they would be paying the province of Cebu a percentage of the income derived from the project.
“We are committed to give the province (of Cebu) not only the rental on the land but with the turnover, we will now be paying 2.0 percent of the revenues that will be generated as part of the share of the province or P500,000 per month, whichever is higher,” Yap said.
Cebu province is expected to earn at least P1.1 million per month, composed of the fixed land rental set at P600,000 per month and the P500,000 share from the gross income.
Yap said the entire BPO complex is expected to cost up to P6 billion.
The second building, which is under construction, is targeted to be operational next year. Towers 3 and 4 will follow soon after./Correspondent Izobelle T. Pulgo
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