‘Filinvest payment to cover seniors aid’

It’s the Lenten season next week but Cebu City Hall’s senior citizens have something to look forward to aside from the Holy Week break.

This after Cebu City Mayor Michael Rama said the P234.8 million final payment of Filinvest Land Inc. for Pond F of the South Road Properties (SRP) can cover the senior citizens aid.

“The money will already address the senior citizens assistance,” Rama said when asked what he intends to do with the Filinvest payment handed over in a turnover ceremony held at the City Administrator’s Office.

Filinvest Vice President Tristan Las Marias handed the check for his company’s payment to Rama.

In exchange, the city already released to Filinvest the fifth title of the 10.6 hectare waterfront lot.

Acting Cebu City Treasurer Emma Villarete said a P17 million capital gains tax will have to be paid from the P234.8 million payment.

The rest of the amount will form part of the city’s general funds for use in the payment of its obligations including the first quarter release of the senior citizens assistance which Rama scheduled on March 25 and 26.

“We have identified the Filinvest final payment as part of this year’s receivables from the SRP lots of the city government. We also have shares from the joint venture agreement which we have yet to collect from Filinvest,” Villarete said.

Rama moved to allocate the senior citizens aid on a quarterly basis starting this month.

Filinvest bought the 10.6 hectare SRP lot from the city under a five-year payment term which lapsed this year.

Villarete said Filinvest already gave P50 million to cover the city’s joint venture share for the first quarter of the year.

The city is expecting to receive an even bigger amount in June “should there be additional revenues from their pre-selling,” she told reporters. Chief of Reporters Doris C. Bongcac