FILINVEST Land Inc. (FLI) has told the Cebu City Council that it placed in court its P2.45 billion payment for the 19.2 hectares of land at the South Road Properties (SRP) that it bought in 2015.
The move came after Mayor Edgardo Labella refused to accept the check from FLI in the last week of July 2019.
Last Aug. 2, FLI sent a letter, through the company’s senior vice president, treasurer and chief finance officer Venus Mejia, to formally inform the City Council led by Vice Mayor Michael Rama about its last down payment for the lot, which costs P6.8 billion based on the deed of sale executed on Aug. 7, 2015.
Councilor Raymond Garcia, majority floor leader, relayed the letter to City Attorney Rey Gealon and City Administrator Floro Casas Jr. for evaluation. Last month, lawyer Jose Daluz III, special assistant to the mayor and SRP manager, said Labella respected and recognized FLI’s move in 2016—rescinding its contract with the City during the time of then mayor Tomas Osmeña.
FLI heeded Osmeña’s demand for the cancellation of the City’s contracts with the developers who bought 46 hectares of lots at the SRP during the time of Rama, who was the city mayor back then.
Other real estate developers SM and Ayala Land, ignored Osmeña’s demand. The two companies formed a consortium and bought 26 hectares. (from PAC of Superbalita Cebu/KAL)