The Cebu provincial government has finally resolve the row between two giant real estate developers over the disputed wall partition in Asiatown I.T. Park in Barangay Apas, Cebu City.
The Capitol entered into separate agreements with the Filinvest Land Inc. (FLI) and the Cebu Property Ventures and Development Corporation (CPVDC) on Thursday (April 22).
The agreement is an offshoot of the series of conciliation meetings conducted by the Capitol with FLI and CPVDC, a subsidiary of the Cebu Holdings, Inc. (CHI).
Cebu Gov. Hilario P. Davide III led the signing together with Vice Gov. Agnes Magpale as witness for the part of the Cebu provincial government.
Present during the signing for FLI were Joseph Yap, president of the Cyberzone Properties, Inc. and director of the FLI. Joining him during the signing was Engr. Allan Alfon and Tristan Las Marias, vice president and First Vice President of FLI respectively.
Aniceto Bisnar Jr., the president of CPVDC led the group together with Iris Josef-Mediano, vice president and head of the Business Development Group of CPVDC and Architect Jonas Suan, Business Development Manager of CPVDC.
With CPVDC agreeing to tear down the wall, FLI is now given the access to and from the Geonzon Street.
In turn, the Capitol has agreed to provide additional access points to CPVDC to and from the IT Park and grant it perpetual right road right-of-way through certain points in Salinas Drive and Gov. M. Cuenco Avenue, also known as the Banilad-Talamban corridor.
Capitol will also have a share in the maintenance of Geonzon Street including the other roads within I.T. Park.
The Capitol and FLI have agreed to pay for the maintenance, operation, and repair of the Geonzon Street.
FLI has committed “the amount of P500,000 as operational budget to assist the Cebu province in complying with its contractual obligations to CPVDC with respect to granting CPVDC a right-of-way over certain access points along Gov. M. Cuenco Avenue.”
In his speech, Gov. Davide thanked FLI and CPVDC for coming together to reach this agreement.
“I thought this day would never come. Finally, we have come up with this agreement,” he said.
He also thanked the Cebu Provincial Board for the work it has done.
“This is truly for Cebu and the Cebuanos,” he added.
With this peaceful resolution, FLI president Yap said the Cebu Cyberzone is a great boost to Cebu’s bustling economy and, once completed, will provide 20,000 jobs for the people of Cebu.
“I am hoping that the fence restricting our access will be demolished soon. Moreover, I am looking forward to the opening of tower 1 so its commercial operation can begin, and contribute to Cebu’s economy,” he said in his speech after the signing.
The Filinvest Cyberzone building was inaugurated last Nov. 28. The province is set to earn P500,000 every month from the rental or two percent share from the gross revenue generated from the locators, whichever is higher.
Earlier, CPVDC filed a civil case for injunction against FLI to stop them from demolishing the wall.
In a press conference after the signing, CPVDC president Bisnar told reporters that the agreements signed by the parties will be submitted to the court.
Provincial Administrator Mark Tolentino added that the case will be immediately dismissed.
“Whatever differences there have been in the past is something that will be resolved soon,” he told reporters. CLM