CEBU CITY – The Cebu Investments and Promotions Center (CIPC), which has been tasked to lure investors to Cebu City as well as enhance its City’s marketability worldwide, gave assurances that the City already has a plan to install a project management authority for the South Road Properties (SRP).

“Long before they OUR (Opportunity, Unity & Reforms) Cebu City Advocacy Group proposed the idea of a management authority, the City Government has already considered the idea,” CIPC Managing Director Joel Mari S. Yu said in a recent interview, adding that since 2001, he had been recommending to Cebu City Mayor Tomas Osmeña a management corporation that will oversee the development of the SRP.

Yu gave his reaction following a statement made by businessman Jonathan Guardo and Lahug, Cebu City Barangay Captain Mary Ann de los Santos asking that the SRP be managed by an independent body to ensure transparency in commercial negotiations in the commercial development. Guardo and De los Santos are spearheading aforementioned OUR Cebu City advocacy group.

However, Yu agreed that the creation of a project management authority for SRP will help ensure transparency in all dealings of the 300-hectare reclaimed lot.

“The idea of a management authority for SRP “is nothing new,” he stressed. “The Mayor understands the need to create one and it’s only a matter of time before the project management authority can be installed.”

The CIPC is commissioned by the Cebu City government to promote investments to SRP, which is envisioned to make Cebu City the wealthiest local government unit in the Philippines.

The OUR Cebu City group’s proposal where it concerns enhancing investment promotions and good governance for the City includes a comprehensive sustainable development plan for the SRP and the creation of a development authority for it to be comprised of government officials, representatives from the business sector, field technocrats and professionals.

According to De los Santos, creation of an SRP management group requires a legislative bill, which she said she would like to propose if given the opportunity to sit in Congress.

Yu is confident that when the City Government, together with private industry players, realizes the putting together of a project management authority for the SRP, this would fast track more investments to the City.

In an earlier report, real estate giant Filinvest Land Inc. (FLI) has vowed to pursue its R25-billion project at the SRP, which includes the construction of multi-residential units with medium rise buildings, and condominium units, among others.

FLI Vice President for the Visayas and Mindanao Tristan Las Marias said that before the year ends, FLI aims to finish its master-plan for the entire 40-hectare lot covered by its joint venture with the City Government.

Under the contract of the FLI-Cebu City joint venture, the development master plan for the property is to be approved by the City Council within 10 to 12 months beginning last February when the contract was signed.