Sugbo News - CAPITOL ASKS STRUCTURE OWNERS FOR COUNTER PROPOSALS ON RENTAL RATES

During the meeting, Capitol’s financial consultant Yvonne Gomos bared the deflated rates of rent of private structures’ encroachment on Capitol lots from 2023 to 2014. (Carlo Cantago)

CAPITOL ASKS STRUCTURE OWNERS FOR COUNTER PROPOSALS ON RENTAL RATES

May 3, 2024

The Cebu Provincial Government on Wednesday, May 3, disclosed the accumulated rental rates that structure owners along Osmeña Boulevard will have to pay to Capitol due to encroachment violations.

The Capitol owns the lots, including the road lots and the sidewalks, starting at the Capitol’s Executive Building all the way down to Fuente Circle in Cebu City.

During the meeting, Capitol’s financial consultant Yvonne Gomos bared the deflated rates of rent of private structures’ encroachment on Capitol lots from 2023 to 2014.

The rental rate per square meter along Osmeña Boulevard currently stands at P400. The deflated rental rate back in 2014 is P293.15 per square meter.

The accumulated rates that they would have to pay include the current rate which is P400 per sq.m. and the deflated rates in the preceding years based on the Consumer Price Index, Gomos explained.

The rental rates were furnished to the respective structure owners for their individual review. Both parties have already agreed on the graduated deceleration of rental rates.

Gov. Gwen said Capitol is expecting to hear of their counter proposals, which should have sound “basis”, when they would meet next on May 10.

“It should be acceptable to all,” Gov. Garcia said.

As a policy, Gov. Garcia is doing an accounting of all Capitol properties, including those along Osmeña Blvd. to ensure that the best interest of the Province is protected and upheld. | Carlo Lorenciana | Carlo Lorenciana

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