Sugbo News - FOUNDATION TURNS OVER 8.4-HA LOT TO CAPITOL

Gov. Gwen Garcia signed an agreement with Pagtambayayong Foundation Inc. (PFI) president Jane Tumagan to this effect at the Governor’s Office on December 13.

FOUNDATION TURNS OVER 8.4-HA LOT TO CAPITOL

Dec. 13, 2023

The Cebu Provincial Government now has regained possession of its properties located in Brgy. Kalunasan in Cebu City that have an area of 8.4 hectares.

Gov. Gwen Garcia signed an agreement with Pagtambayayong Foundation Inc. (PFI) president Jane Tumagan to this effect at the Governor’s Office on December 13.

The agreement partially rescinded a Joint Venture Agreement (JVA) the Capitol had signed with PFI in September 1991 during the administration of former governor Lito Osmeña.

Under the JVA, the Capitol offered 24 hectares of its properties in Kalunasan for housing development to be funded by PFI.

Revenue generated by the venture is shared between parties.

However, 30 years have passed and PFI was only able to develop 16 hectares of the property, while the remaining 8.4 hectares have been idle due to financial constraints.

This prompted PFI leadership to communicate with Gov. Gwen earlier this month, telling her that they would waive any rights vested upon them by the JVA and return the properties to the Capitol which could better develop them and maximize their value.

Provincial attorney Donato Villa, Capitol real estate division chief Jose Yuson, as well as PFI executive director Paula Fernandez and former executive director Bimbo Fernandez, witnessed the signing. | SN

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