It can be recalled that the proceeds from the sale of the property to the consortium of Ayala and SM are among the sources of funds being eyed for this year’s Supplemental Budget No. 2.
Joy Torrejos
SRP lot sale legal
Alicia Chua (The Freeman) - November 15, 2019 - 12:00am

CEBU, Philippines — Responding to the opposition’s move questioning the deal, the Cebu City Legal Office insisted that the South Road Properties (SRP) sale was legal.

It can be recalled that the proceeds from the sale of the property to the consortium of Ayala and SM are among the sources of funds being eyed for this year’s Supplemental Budget No. 2.

The Department of Budget and Management (DBM) 7 has declared the P2.5 billion supplemental budget is “operative in its entirety.”

“There is no stopping the truth: SRP sale was valid and legal. In the same way that there is no stopping the subsequent monumental development in SRP,” City Legal Officer Attorney Rey Gealon said.

The administration is firm on its stand that there is no legal impediment that will hinder the usage of the SRP fund because the court has already dismissed the case that Romulo Torres has filed.  The opposition reportedly has been banking on this case.

“Law and jurisprudence aside, prayers of the senior citizens and PWDs who'd stand to benefit from the supplemental budget may have moved the DBM to finally reach at that conclusion,” said Gealon.

The P2.5-billion budget includes the following: P455 million financial assistance for senior citizens; P300 million for medical equipment for the new Cebu City Medical Center; P100 million for the first, lower and upper ground of CCMC new building; P250 million digital traffic system; P268 million for the construction of medium-rise building; P100 million for site development; and P150 million for opening of roads. GAN (FREEMAN)

SOUTH ROAD PROPERTIES
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