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Sunday, July 10, 2005
Center seeks P9.6M to draw SRP investors
Cebu City Hall’s marketing arm for the South Reclamation Project (SRP) needs about P9.63 million to produce audio, video and online promotional materials and hold road show presentations in the country and abroad in the next two years.
The Cebu Investments Promotions Center (CIPC), also known as the Cebu Economic and Business Foundation, a nongovernment organization, submitted to the City Council a four-year marketing plan to make the SRP more attractive to local and foreign investors.
Despite the absence of the SRP titles, which are pending before the Department of Environment and Natural Resources (DENR), CIPC reported that it spent some P3.37 million in 2003 to market the project.
The titles will be used in selling or renting out the properties to pay for the City Government’s loan to the Japan Bank for International Cooperation (JBIC), through the Land Bank of the Philippines.
CIPC also reported that it spent some P3.37 million in 2003.
According to its marketing plan, it was supposed to have spent some P4.12 million in 2004 to market the 295-hectare socialized economic zone.
Record
It will need P4.58 million this year and P5 million for 2006.
CIPC is headed by Edgar Godinez and holds office at Cebu Waterfront Hotel in Lahug.
The center said it has a 10-year track record of promoting investments to Cebu and marketing the province, as well as its industrial zones, as location for offshore facilities of foreign direct investors.
It aims to approach both local and foreign realty developers, preferably of business centers, industrial zones and tourism estates, and solicit bids for the development of specific zones in the SRP, which will be named South Road Properties.
CIPC, which Mayor Tomas Osmeña founded in 1995, has been receiving P3 million yearly from the City’s Philippine Amusement and Gaming Corp. (Pagcor) funds.
Private aid
Fifty percent of the center’s operational funds come from the private sector and the other half from other local government units.
The four-year marketing plan was implemented in 2003 yet, when they produced P400,000 worth of printed materials, P600,000 worth of audio-video promo materials and P250,000 for website development and maintenance.
In the same year, CIPC personnel traveled to Japan for four days and spent about P294,800.
They also spent P480,000 on local trips and P520,000 for laptop computers, an LCD projector, video compact discs, digital video discs, CD-ROM players and ring binders.
The organization also spent P525,000 in representation allowances, at $100 each for 50 persons to travel in five cities abroad. This already includes the allowances for meetings with investors in the country.
In 2004, the CIPC spent a total of P1.28 million in their travels to Japan, Hong Kong, Taiwan, Singapore and Korea for their accommodation and consultancies to hold various road show presentations.
Expenses
Some P528,000 was spent for local trips and P1.87 million for representation allowances at $100 each for 50 persons in their travels abroad and P500,000 for local travels.
The same activities were proposed in the marketing plan for 2005 and 2006.
However, CIPC projects higher rates in their travels, website development and maintenance, as well as their miscellaneous expenses.
No proposed expenditures for equipment and audio-video materials were listed, though.
CIPC has been marketing the SRP as a prime mixed-use development project.
It will be sub-zoned to accommodate investments in light manufacturing, commercial, tourism, information technology and other service enterprises. (GAC)
(July 10, 2005 issue)
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