Capitol to start earning from BOT with Filinvest

FILINVEST Land Inc. (FLI) yesterday turned over to the Provincial Government one of the four buildings at the I.T. Park as part of their build-operate-transfer agreement.

FLI will be the one to operate Tower 1, paying Capitol land rental and sharing its income, said Gov. Hilario Davide III.

Filinvest President Joseph Yap said they will pay Capitol P600,000 for the 1.2-hectare lot where the project is located, plus two percent of the income or P500,000 a month, whichever is higher.

This means the Capitol will have an assured income of P1.1 million a month and the amount will increase when all the other three buildings--Towers 2, 3 and 4--will be completed and operational.

“We are happy to turn over this first building of the Cebu Cyberzone Project to the Province of Cebu. So, this is the first one and we are happy to turn it over today,” Yap said.

“We are also happy to announce that there are already locators (occupants) in the building. As a result of this turnover, we will also start paying the share of the Province of Cebu from the income derived from this project,” Yap said.

Yap said Tower 2 will be finished and operational next year, while Towers 3 and 4 will be completed either by 2019 or 2020.

According to Yap, with the Tower 1 alone, Filinvest has already spent P1.5 billion for the first building alone.

“When everything is done, we will probably have at least P5 billion to P6 billion in investments for all the buildings,” Yap said.

He said it is not only income that the Capitol can generate but jobs will also be created by the cyberzone project.

“There are already hundreds of people employed in Tower 1 and eventually, when all the four towers will be built, we will be creating 20,000 to 25,000 jobs for the people of Cebu,” Yap said.

He said that most of the locators in Tower 1 are Business Process Outsourcing companies, but there are also mix-use areas for retail, commercial, restaurants, bars and coffee shops.
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