Tom says SRP patent may be had next week

Cebu City Mayor Tomas Osmeña said the special patent of the 295-hectare South Reclamation Project may be issued next week.

"It is with the Land Management Bureau. I was told that we'll get it as early as next week. I hope so because this is hurting us so badly," Osmeña told reporters yesterday.

Earlier, Osmeña announced that SRP's special patent might be issued to the city this month, which was why he decided to make the second payment for the city's SRP loan obligations to the Land Bank of the Philippines amounting to P300 million last August 20. The first payment for this year amounted to P150.2 million.

But Osmeña is not amenable to the proposal of the Cebu Investment Promotions Center, the marketing arm of SRP, for the city government to enter into a joint venture with companies expert in property ventures or land management.

He said with the city government's wide array of experience in running Cebu City with its 30,000 hectares land area, it is "ridiculous" to say that it has no capability in running the 295-hectare reclaimed property, which is proposed to bear the marketing name Cebu City South Road Properties.

During the city council's regular session last week, CIPC managing director Joel Mari Yu echoed the concerns of the prospective investors who express doubts on the capability of City Hall to run the facility, which is declared as special economic zone already by President Gloria Arroyo last January.

"There's always someone who will think that way but I disagree with them. We are accommodating property developer to handle sections of SRP depending on their proposals as part of joint venture agreement. But we're not going to entrust the whole property to a private sector," Osmeña said, adding that many private wanted to enter into joint venture with the city government, including the Makati Stock Exchange.

"This weekend, I was informed that a high ranking official of the Makati Stock Exchange is going to make an inspection trip. Nindot for our reputation. I'll give them two to three hectares but only if they transfer here," Osmeña said.

Osmeña further said a certain portion of the SRP will be allocated for the small medium entrepreneurs to do some business in the area but under a scheme where an "incubator" facility is already built to be apportioned for lease. - Cristina C. Birondo