The Cebu Provincial Economic Enterprise Council (EEC) has granted Filinvest Land Inc. Original Proponent Status (OPS) to develop a 1.4-hectare Capitol-owned lot located in Brgy. Apas in Cebu City.
The grant was given after FLI chief executive officer Tristan Las Marias appeared before the EEC, chaired by Governor Gwen Garcia, presenting FLI’s unsolicited proposal of building high-end residential and commercial towers on the said Capitol property.
Initially, the project will cost around P16 billion and will be covered by Build-Transfer-Operate (BTO) scheme. It means that after FLI completes the construction of the tower complex, ownership will be transferred to the Cebu Provincial Government.
The Capitol would then grant FLI the right to operate the properties for an agreed-upon number of years in order to recoup its investments. The constructed properties will be counted as part of the assets of the province subject to mandatory auditing rules by COA.
Moreover, the Capitol will also collect payment from FLI through revenue-sharing agreements and rent payment options.
Through productive partnerships with the private sector, the Province of Cebu, the biggest landowner in Cebu City, has been able to considerably raise the value of its vast properties without ever spending a centavo for their developments.
𝐌𝐀𝐍𝐃𝐀𝐓𝐎𝐑𝐘 𝐒𝐖𝐈𝐒𝐒 𝐂𝐇𝐀𝐋𝐋𝐄𝐍𝐆𝐄
FLI’s unsolicited proposal will be subjected to the mandatory Swiss Challenge in any government transactions to attract possible investors that could offer better deals to the government.
The OPS, however, has granted FLI the right to match the offer of a challenger in order to secure the deal.
If everything goes as planned, the proposal will not only provide more jobs for the Cebuanos and boost Cebu’s economy, but it will also dramatically increase the assets of Cebu, the undisputed richest province in the entire country today.
To recall, the Capitol and FLI also has a standing BTO agreement that involves the four-tower BPO Complex called Capitol Filinvest Cyberzone at the Capitol-owned properties at the Cebu IT Park. While two towers are still under construction, two others are already operational and have added at least P4 billion to the Capitol assets.
Among the members of the EEC are Board Member Glenn Anthony Soco, chair of the PB Committee on Commerce and Industry; as well as Board Member Minuel Carmela Franco, chair of the PB Committee on Ways and Means. | Babie Jane Revecoy