CEBU City Mayor Michael Rama’s “investment begging” yielded over P1.3 billion worth of funding commitments for the completion of the Cebu City Medical Center (CCMC) and construction of multiple medium-rise buildings.
Lawyers Collin Rosell and Jerone Castillo presented on Tuesday, Aug. 16, 2022, the results of Rama’s weeklong meeting with business tycoons in Manila to seek funding for various projects in pursuit of the mayor’s goal of achieving a Singapore-like city.
Rama was able to secure P800 million worth of funding to finish the CCMC and P575 million for the construction of five MRBs.
With the pledges that poured in for the completion of the CCMC, the city government is confident that the public hospital can be finished within this three-year term of Rama.
The contractor of the CCMC recently said the fourth and fifth floors of the hospital will be fully operational by October 2022, but the contractor can finish the skeletal framework of the eighth to 10th floors only by January 2023.
Rosell said they prioritized CCMC when they pitched for funding from possible investors since the facility is vital amid the ongoing threat of the Covid-19 pandemic.
“Kining gitawag nato nga investment begging. Ang soul gyud niini mao ang CCMC, kay ang CCMC man gyud ang nanginahanglan pag-ayo. Mao sad ang dali kaayo pangitaon sa mga tao, especially at this time of pandemic and other health threats,” said Rosell.
(This is what we call investment begging. The soul of this is the CCMC because the CCMC is the one that really needs it. It is also what people look for, especially at this time of pandemic and other health threats.)
Rama started his investment hopping on Aug. 9, and the mayor met with at least five businessmen who all pledged to complete at least one floor of the CCMC.
Castillo said the investors did not ask for anything in return, but the City Government offered to give them naming rights to certain floors of the building as a gesture of gratitude.
The investors also committed to helping build one medium-rise building (MRB) for socialized housing that can accommodate residents affected by the government’s flood control projects and river easement recovery operations.
Castillo said the investors will not get anything in return if they donate an MRB to the City Government.
The developers will either report their pledges as compliance with the balanced housing law or pursue the same as part of their corporate social responsibility, Castillo said.
Rosell said they still have to conduct an inventory of all government-owned lots to determine the exact locations where the MRBs can be constructed.
Based on the medium-rise building turned over by a developer to the city in June 2022, the cost of building tenement housing is P115 million.
Cebu Landmasters Inc. (CLI) donated a P115 million five-story socialized housing condominium to Cebu City for the informal settlers of Barangay Lorega-San Miguel.
The housing for 100 renters has units with a floor area of 25 square meters each that families can rent for up to five years to allow them time to look for more suitable residences.
According to Castillo, the mayor is tapping all possible investments for the city without being too reliant on the government budget.
“If you look at the mayor, he is tapping all possible resources to create a Singapore-like Cebu City... If we bring in these investments from the private sector, the vision of a Singapore-like Cebu City is not far-fetched,” said Castillo.
Castillo assured that all of these are already “concrete pledges” and the public can expect the realization of the projects for the development of the city.
City Planning and Development Officer Architect Joseph Michael “Yumi” Espina said the investors saw the sincerity of Rama in his goal of improving the lives of Cebuanos by achieving a Singapore-like status.
Espina added that Rama tapped not only the private sector but also the national government agencies by asking them to implement projects and programs in Cebu City.