TO AVOID the same violations committed by Filinvest, SM Prime Holdings should study Cebu City’s joint-venture (JV) investment ordinance before it buys lots at the Cebu South Road Properties (SRP), Capitol said.

Rory Jon Sepulveda, Capitol spokesperson, said they are not discouraging SM from buying properties at SRP. He said Capitol is instead helping to ensure that SM will not commit violations in dealing with Cebu City.

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“We are not against SM, we welcome them. Our unsolicited advice: they should carefully study the situation,” Sepulveda said.

He also requested SM that they read carefully the affidavit complaint filed by Cebu Gov. Gwendolyn Garcia at the Office of the Ombudsman against Filinvest, ”and then hopefully they will be properly guided after that.”

Sale, not joint venture

He said an investment ordinance provides mechanism for the joint venture and that “a sale is a sale, not a joint venture.”

Sepulveda said that based on published reports, SM is going to buy the property which will be subjected to Swiss challenge.

“So, in other words, ang JV, ang venture selection committee na sad ang nag continue for the consideration. Again, as what have been said, the Province is consistent nga kung sale, sale.

Kung joint venture, joint venture. You can’t subject a sale to the rules of the JV,” he said.

Advice

“Wa pa man ta kahibawo (We don’t know yet). Ang atua advice lang nga they should carefully study the city ordinance and it would be to their best interest… (They should) secure a copy of our complaint against Filinvest para ma-appraise sila sa points raised by the Province,” he said.

“Because as we have said, we don’t want to be misinterpreted nga magsinamok mi or bisan unsa. Everything must be in order kay law-ay man sad kayo nga they will repeat the same mistake committed by the Filinvest. Then asa man paingon ang Province? Wa gibabagan, we are encouraging them. We are doing this sa layolayo pa.

We are giving this unsolicited advice nga dili mo- suffer og similar infirmities nga gi-suffer sa Filinvest deal,” he said.