Six Firms’ Reclaimed Lots to Yield 10% Share for Cebu Government

Six firms that have reclaimed properties in Cebu Province agreed to comply with the Provincial Ordinance to share 10 percent of reclaimed properties.

In a meeting with Cebu Governor Gwendolyn Garcia together with the Cebu Provincial Reclamation Authority (CPRA) members at the Cebu Provincial Capitol last May 4, 2023, representatives from Cebu Industrial Park Developers Inc., Cebu South Harbor Container Terminal Corp., Dynacast Ship Building and Repair Inc., Global Business Power, Therma Visayas Inc., and Cebu South Port Infrastructure Corp. agreed to the stipulations of Provincial Ordinance No. 2022-09.

The Provincial Ordinance No. 2022-09, which amended PO No. 2009-02, states that any reclamation developer must turn over 10 percent of their reclaimed land to the Provincial Government in three ways:

1) 10 percent of the usable land;
2) monetary value of the reclaimed land, the value of which should be based on the zonal value, appraised value or the market value, whichever is higher;
3) lot swapping wherein the land to be swapped should have the same zonal, appraised, or market value.

New reclamation developers in Cebu, including Mabuhay Filcement Inc., Solid Earth Development Corp., Carmen Copper Corp., and Atlas Fertilizer, were also notified about the provincial ordinance. Another meeting will be scheduled with these firms on June 5, 2023.

If finalized, this will boost Cebu Provincial Government’s assets to over P200 billion. (ASC)