Friday, July 18, 2008 Speak out: Mayor starting to report real score on SRP By Joel Garganera
I AM glad that finally Mayor Tomas Osmeña is starting to report to the Cebuanos the real score about the South Road Properties (SRP).
In fact, he is saying he will be more transparent this time about his new approach and scheme in promoting and marketing the SRP through a so-called “Joint Deal.”
He further assured his Boss, the Cebuanos, that there is nothing to worry.
When he said “Don’t worry, there’s no hurry. If it doesn’t come, it doesn’t come, if it will come, it will come.”
This is a far cry from what he said 11 years ago when he undertook the project and bragged that there will be investors lining up even before the project is finished.
Now the cat is out of the bag, that there are really no investors willing to buy SRP lots.
He patterned his new marketing scheme with that of the development by the Province of the Asiatown IT Park in Barangay Lahug.
The Province, according to him, converted its equity into shares of stocks of the Cebu Property Ventures and Development Corp. (CPVDC).
The Province equity was the lot, which is owned by Capitol.
But Osmeña said his version is simple and more transparent.
But from my understanding, you can not compare the two simply because the Lahug lot where Asiatown is located is not a reclaimed lot.
Dako kaayo og diperensiya.
Tingali ang iyang pasabot nga pa-abangan nalang ni, kay mas simple ug dili sad dilikado ug risgo sa mga investors, under the guise of “Joint Venture.”
But I do not want to pre-empt the mayor as they are still discussing their scheme.
In the meantime, we have to bear the P1.6 million a day needed for the payment of the loan.
When he said that “there is no hurry,” probably he is referring to the loan payment that will end in the year 2025.
But there is a silver lining, the city coffers will earn an additional P400 million payment for north reclamation lots where the offices of DPS, Engineering, Mobile Patrol and Speed used to be situated.
At least for now we are above water.
But it is funny because we are selling a reclaimed lot and use the money of the sale to pay for the loan of another reclaimed lot.
Whatever is the outcome of this move, we will just hope and pray that life will be better for the Cebuanos.
I would commend the mayor for starting to be realistic in his projection about SRP.
As a word of advise, he should just concentrate on his work and stop pointing out “faults” and shortcomings of other local government units.
Making them look bad doesn’t make our beloved cebu City look better.
Besides, he has to realize that every time he points an accusing finger at others, three of his fingers are pointing back at him.
In the meantime, we will have to wait until August, as he promised.
