FLI Pays P607.4M Obligation to Cebu City

● FLI remitted P607,481, 764, seven percent out of the 10-percent share of the city from condominium sales

The Cebu City government earned P607.4 million after the Filinvest Land Inc. (FLI) on Wednesday finally paid the balance of the city’s share from the sales of condominium units at the South Road Properties (SRP), which is part of the Joint Venture Project.

The check amounting to P607,481,764 was personally turned over to Mayor Michael Rama and Acting City Treasurer Diwa Cuevas by Tristan Las Marias, the FLI’s first vice president for Visayas and Mindanao.

The FLI and the City of Cebu had entered a joint venture agreement during the stint of then Mayor Tomas Osmeña for the development of 40 hectare property at the SRP on condition that the city is entitled to 10 percent out of the gross sales.

It was reported that the P607.4 million that the city received from FLI yesterday is equivalent to seven percent out of the 10-percent share of Cebu City from the proceeds in the sale of condominium units at the SRP. FLI had already remitted to the city the P217.5 million, representing the other three percent.

Mayor Rama was very happy of the development because the P607.4 million can be spent for so many projects identified in the P5.8 Billion Annual Budget for this year.

The mayor described the FLI’s payment of its obligation to the city as a “light at the end of the tunnel.”

The FLI officials claimed that they already completed around 79,285 square meter built-up floor of condominium space at the SRP and they are hoping to finish another 23,668 square meter floor space this year.