Filinvest pays P50 M share to Cebu City | Inquirer News

Filinvest pays P50 M share to Cebu City

/ 07:47 AM February 06, 2013

ABOUT P50 million was paid by Filinvest Land Inc. (FLI) to the Cebu City government last December as part of its joint venture share from the pre-selling of condominium units being built at the South Road Properties (SRP).

“It might not be the same amount as projected but at least we are now getting our share from FLI,” acting City Treasurer Emma Villarete said in a press briefing held at the mayor’s office conference room yesterday.

Former city treasurer Ofelia Oliva computed the joint venture share to have already reached at least P600 million. An additional payment will be made in June this year.


The P50 million represents 10 percent of the proceeds from the pre-selling of Filinvest’s condominium units at the SRP. Villarete said Filinvest is still processing the city’s share.


Still, they made an initial payment of P50 million before the December 30 deadline set by the city, Villarete said.

“But when the city’s share is already determined, we can always adjust and deduct payments already made,” she said.

Villarete said the Filinvest payments is an assurance that the city treasurer’s office can meet its collection targets of P4 billion this year to fund the city’s P5.2 billion budget.

The remaining balance of the budget will be taken from other sources like the city’s Internal Revenue Allotment (IRA) share of at least P1 billion and sales of government lots.

Still, Villarete said, her office will target P5 billion to P6 billion local revenue collections this year.

Since 2013 is an election year, it cannot be avoided that the city government would always need more funds, said Villarete.


Villarete said her office is also working to pre-terminate P175 million in City Hall funds placed on time deposit with the Philippine Veterans Bank.

Also included is another P200 million in a tagged account with the PS Bank, she added. Chief of Reporters Doris C. Bongcac

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TAGS: Cebu City, Filinvest

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