SM, Ayala break ground for P316 billion SRP project

CEBU, Philippines — The Cebu City government and the giant consortium of SM Prime Holdings Inc. and Ayala Land Inc. have broken ground for the P316-billion project at the South Road Properties (SRP) yesterday.

With this undertaking at the 26-hectare lot at the SRP, Mayor Edgardo Labella said they look forward with "great hope, exciting expectation of this project."

The P316-billion project on the 26-hectare property at the SRP is expected to generate over two million jobs, both direct and indirect, in the next 20 years.

It is also eyed to generate billions in business and real property taxes for the city.

"I just fervently hope SM-Ayala Consortium, please, give preference to our residents of the city.  I sincerely believe that with the hope of two million job opportunities of the city, I fervently hope that we can reduce the poverty level in the city," he said.

Labella stressed that one of the thrusts of his administration is to decrease the city's poverty level.

He said it is a sad reality that until now, after so many years, the Philippines, including the city, is facing a very serious political and social imbalance that "too many have too little while too few have too much of the good things in life."

Labella said the city has been adjudged by the United Nations Educational, Scientific and Cultural Organization (UNESCO) as a creative city and they will be expecting more when the development would start.

"Now, the dream that we have starts to become a reality.  With this undertaking, I'm sure that we will be leaving a legacy not only to this generation but also for the generations to come," he added.  GAN (FREEMAN)