More funds for Capitol as Filinvest turnovers Cyberzone bldg

At least Php 1.1 million monthly will be added to the coffers of the Cebu Provincial Government as Filinvest Land, Inc. (FLI) turns over one of the buildings of Cebu Cyberzone Project today.

Governor Hilario P. Davide III and FLI president Joseph Yap signed the memorandum of agreement (MOA) for the transfer of ownership of Cyberzone’s Tower 1 and the Podium.

“The agreement substantially states that that building has been turned over to the Province. The Province, in turn, agrees for Filinvest Land to operate the building,” said Davide.

On behalf of the Province of Cebu, he thanked FLI for its “continued trust and confidence in this partnership between the two institutions.”

Cyberzone is a Php 5 billion-project located in a 1.2-hec lot of Cebu province in Salinas Drive, Barangay Lahug, Cebu City.

It is a four-tower business process outsourcing complex with retail and commercial component.

Provincial Administrator Mark Tolentino said that this turnover allows the Province to receive a percentage of the gross income of the building.

“More revenues mean additional income of the Province to fund various projects and programs for the benefit and development of the Cebuanos,” said Tolentino.

Yap said that FLI will be paying “2% of the revenue that will be generated from the building or Php 500,000 per month, whichever is higher.”

“Apart from this, we are also paying monthly rental of the land where the building is located which amounts to Php 600,000,” he added.

Aside from income generation, Yap said this project is also a job creation venue for the Province.

“For Tower 1 alone, hundreds of people have already been employed. When all four towers are built, about 20-25 thousand jobs will be created for the people of Cebu,” said Yap.

He added that Tower 1 is already operating while Tower 2 is now under construction. Construction for Towers 3 & 4 will follow immediately after the completion of Tower 2.