EDITORIAL - Time for SRP to really take off

After being stalled for the past three years due to political squabbling in Cebu City Hall, the development of a large portion of the South Road Properties (SRP) by two of the country’s biggest developers may finally push through.

On Wednesday, the City Council approved the application of the consortium of SM Prime Holdings and Ayala Land, Inc. to develop the 26-hectare lot property, located right across the biggest mall outside Metro Manila.

Mayor Edgardo Labella described the eventual council approval of the application as long overdue, and expects the development to generate at least two million jobs, benefiting residents of the city and neighboring areas.

“Let’s stop finger pointing, let’s start working and move on now. As I pointed out in my first 100 days, this will generate employment, this is good for all of us,” Labella was quoted by this paper as saying, “there is an ordinance that, in all these developments, the priority will be given to Cebu City residents.”

Actually, the city gave the project the go signal during the administration of former mayor Michael Rama. However, when Tomas Osmeña took over City Hall in 2016, he rescinded the contract, contending that it was very disadvantageous to the city.

As the Labella administration pushes for more development at the SRP, the approval of the SM-Ayala joint venture will surely be an added boost to the prime lot property, which failed to take off because of political conflict among local officials.

As investor confidence returns to the city, many locators have shown interest in the SRP. In fact, many multinational companies are now inquiring with the new administration about how to locate to the city.

As Cebuanos expect the huge SM-Ayala development at the SRP to eventually take off soon, we also hope this will open the floodgates for more investments now that the city is experiencing a friendly political environment.