MERGED: South Road Properties (SRP) News, Issues, and Developments

[giddyboy]

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Ang selling price sa COA ana nga lot sa SRP is 12,000/sq.mtr.ra, unya gibaligya sa City ngadto sa FLI ug tag 15,000/sq.mtr.so nakaganansya ang city ug 3,000/sq.mtr kwentaha pila ganansya sa city di ba 60,000,000.00 pesos kana sa 2 hectars ra na unya less sa capital gain tax nga gibayad sa city nga 20,000,000.00 pesos di ba ang ganansya sa city is 40,000,000.00 ,, mao ba na ang giingon ni Pablo nga disadvantageuos sa City ang contrata sa FLI?

nope.

Question NO.1: Why is the City paying for the Capital gains tax, and not FLI instead?

the transaction is in violation of COA rules regarding payment of taxes and incidental expenses in the sale of government-owned lands. This is in flagrant violation of Section 197 of COA Circular No. 92-386 that provides that expenses to the registration and transfer of ownership from the local gov't to the vendee shall be borne by the vendee.

It is characterized as a “bonanza” the over P112 million FLI would gain in violation of the law from not paying capital gains, documentary stamp taxes and transfer taxes on the P1.5 billion transaction.

Question NO.2: Why did the joint venture agreement “differed on all material points from the terms of the invitation to bid published by the Cebu City Gov't, which urged potential challengers to submit comparative proposals."?

In a local newspaper, the City Gov't posted an invitation to apply for eligibility and to submit a Comparative Proposal for a central business district type dev't over the 50.6 hectare area.

Also, it was stated that FLI has to compensate the city gov't in the amount of not less than P1.5 billion in cash payable within 3 years.

But contrary to what has been published, the unincorporated joint venture is not for the 50.6 hectares but only for 40 hectares, with the 10.6 hectares sold through outright purchase.

It was pointed out that the joint venture dev't is no longer for a central district type, but for an integrated and well-planned clusters of medium rise residential bldgs and retirement and congregate care complexes, which is inconsistent with a central business district type of dev't.

Question NO.3: Why is the term of payment by FLI that instead of being payable in 3 years, it is now payable in six years?

The deviations from the published invitation directly result in the language of the SC in the Piatco case – concrete financial disadvantages that were previously not available during the bidding process.

[raboy50]

nope. the question is about why the City is paying for the Capital gains tax, and not FLI instead...

the transaction is in violation of COA rules regarding payment of taxes and incidental expenses in the sale of government-owned lands. This is in flagrant violation of Section 197 of COA Circular No. 92-386 that provides that expenses to the registration and transfer of ownership from the local gov't to the vendee shall be borne by the vendee.

It is characterized as a “bonanza” the over P112 million FLI would gain in violation of the law from not paying capital gains, documentary stamp taxes and transfer taxes on the P1.5 billion transaction.

Ok, kon mo-ingon ang FLI sila mobayad sa capital gain tax nga 20,000,000.00 pero paliton nila ug tag 12,000.00/sq.mtr ang lot sa SRP, .Na wala ang 40,000,000.00 sa city? Basin ingon na sad si Pablo disadvatageous. Pag syor mo oi wala jud dag anan si Tomas ninyo ,da.

[giddyboy]

Ok, kon mo-ingon ang FLI sila mobayad sa capital gain tax nga 20,000,000.00 pero paliton nila ug tag 12,000.00/sq.mtr ang lot sa SRP, .Na wala ang 40,000,000.00 sa city? Basin ingon na sad si Pablo disadvatageous. Pag syor mo oi wala jud dag anan si Tomas ninyo ,da.

correction. it's not only around 20M in capital gains tax but more than 110M!!!

if paliton nila ug 12K/sqm during the bidding, then daghan nga niapil sa bid mka bid pa ug higher ana. mao btaw nidaug ang FLI ky mas dako ug bid, kunohay!

the question is not about the amt won, but the question is about who should be the one to pay the capital gains tax accdg to our law!

the question is about concrete financial disadvantages that were previously not available during the bidding process.

mao nay giingon nga ang FLI deal mura ratag ga luto sa atong kaugalingong mantika!!!

if the FLI deal is terminated because of the valid issues raised, the City and FLI will be the ones themselves to blame...

"Unless City Hall lawyers break their silence and prove that the rule that the congressman cited is non-existent or has become obsolete, the only interpretation that we can make is that PJ is right. In which event, they shouldn’t waste time in thanking PJ for the reminder. Sometimes, we’re not really ignorant of the law; we just failed to read them." ~ Frank Malilong

[jdimpas]

june 2010 ang target... wala ko kibaw kung pila na ka percent ila nahuman... sige nig sunod nako visit sa site i'll take some pics...

thanks for the info bai. take some shots kanang makita ang 4 lanes ug ang exterior bai.

[skadiboy]

ang tinoud ana pa tunnel tunnel rana pero sa tinouoray diay naa nay BUTANG g kuha.. asa ka mangita ana dyd nila g igo sa plaza indepencia which is historical site.. wahahaha..... ad2 unta na g igo sa dli preserved na lugar... pareha rani sa BOHOL sa loboc naay gtukod na bridge nya padong pa dyd sa church... ahhahaha klaro kaau naay mga TOMONG.....

[prukutung]

ahahahahah... unsa kad2ng sa may bukas pa? ang gintong santo nino? hahahah ^^

bitaw.... unsa nai updates aning tunnel2x?

excited nako sa bag-ong infrastrucure dri sa cebu... ahahah ^^

[mexicanlady]

Giddyboy, bilib gyud ko sa imong pagka defender sa mga Garcia kung ma proven nga naa gyud tinood anomaliya sa SRP deal.Well, let's wait and see what happens next when Tomas and city officials will answer what Pablo John questions with regards to the SRP deal then we will see who's right and who's wrong.Tan-awn ta maka lusot ba gyud ni silang Tomas aning pag question ni PJ knowing Tomas nga di jud papilde aning mga Garcia.Laban kung laban.Saon, wa man gud kapadayon silang Gwen sa ilang ciudad project because of Tommy plus all the insults Tomas has thrown to the Garcias maong nanimawos pud sila ani rong SRP deal sa city.Anyways,abangan ang susunod na kabanata.

[cmac]

mexicanlady: Sakto ka, lets wait for City Government's response on this, ginagmay lang na response, but it hit's the spot, especially "The Motive" part. But I'm sure we will hear a loud BOOM when Tomas returns with a big KABOOK on capitol after.

Giddyboy:
It's all about politics and money. The province not getting their piece of the pie is stirring trouble. Plain and simple.

All of your basis comes from newspapers which comes from the mouth of a junior congressman(PJ).
If na a sila nakita sayop, let them go to court and follow the law citing how righteous their intentions are...or so it seems.

If I have an autoshop: Yes, I will sell my Fortuner for a price of an Altis as long as I bought/made my Fortuner for less than what I sell it for so I can build my name even it it means earning little by little.
Land value does not depreciate my friend and don't forget the monthly taxes that goes up when the land appreciates...for life!!!
Hard earned money comes from sacrifices and small things...BUILT UP.

Again, I only said, they won't get my vote. So I'm not insulting anyone here, freedom of speech. Just citing on who I want to vote so ayaw ka pikon and tell us that "less 3 votes ra", but let me take a shot back here, now we know the Garcia's has "ONE VOTE" from GIDDYBOY.hehehe =p

I fully support Tomas and I know that even a single cent, wla siyay gi bursa.
He's not the one who came from rags to riches. So I don't think the Garcia's have a pure intention on this issue.
Anyways, for holy weeks sake, dli nako mo reply ani na thread para wlay ma pikon.
Peace! =)

Advance Happy Easter everyone.
May the easter bunny visit Tomas and the SRP!!!

[raboy50]

correction. it's not only around 20M in capital gains tax but more than 110M!!!

if paliton nila ug 12K/sqm during the bidding, then daghan nga niapil sa bid mka bid pa ug higher ana. mao btaw nidaug ang FLI ky mas dako ug bid, kunohay!

the question is not about the amt won, but the question is about who should be the one to pay the capital gains tax accdg to our law!

the question is about concrete financial disadvantages that were previously not available during the bidding process.

mao nay giingon nga ang FLI deal mura ratag ga luto sa atong kaugalingong mantika!!!

if the FLI deal is terminated because of the valid issues raised, the City and FLI will be the ones themselves to blame...

"Unless City Hall lawyers break their silence and prove that the rule that the congressman cited is non-existent or has become obsolete, the only interpretation that we can make is that PJ is right. In which event, they shouldn’t waste time in thanking PJ for the reminder. Sometimes, we’re not really ignorant of the law; we just failed to read them." ~ Frank Malilong

Mao ra bitaw na, 20 million kay equivalent to 2 hectars pa man ang nabayad sa FLI ngadto sa City ug moabot kana ug more or less 110 million ang total nga mabayran sa Capital Gain Tax kon ma fully paid na ang FLI sa payment sa 10 hectars. Tiaw mo kadako diay aning kwartaha kay moabot man diay ug 1.5 billion pesos ang mabayran sa FLI anang 10 hectars pa lang na ug naa pa more than 200 hectars nga wala pa mahalin. Mao diay nangusog jud pagbabag kining mga Garcia kay Multi Billion Pesos man diay ang sapi-on anang SRP.
Basin baya wala kasabot ang mga Garcia ana ilang giingon nga ang City giluto sa kaugalingon nilang mantika. Ngano gud tawon nga giluto man ang City sa kaugalingon mantika nga unang una wala man silay kaugalingon kwarta nga gipohunan sa pag develop anang SRP, gi loan man na sa Japanese Bank ug naka kwarta pa man gani ug apil ang national govt. kay duna man silay porsyento sa gibayad sa City. Ang Japanese bank kaha hinoon maoy giluto ni Tomas sa ilang kaugalingon mantika.

[reclamador]

mexicanlady: Sakto ka, lets wait for City Government's response on this, ginagmay lang na response, but it hit's the spot, especially "The Motive" part. But I'm sure we will hear a loud BOOM when Tomas returns with a big KABOOK on capitol after.

Giddyboy:
It's all about politics and money. The province not getting their piece of the pie is stirring trouble. Plain and simple.

All of your basis comes from newspapers which comes from the mouth of a junior congressman(PJ).
If na a sila nakita sayop, let them go to court and follow the law citing how righteous their intentions are...or so it seems.

If I have an autoshop: Yes, I will sell my Fortuner for a price of an Altis as long as I bought/made my Fortuner for less than what I sell it for so I can build my name even it it means earning little by little.
Land value does not depreciate my friend and don't forget the monthly taxes that goes up when the land appreciates...for life!!!
Hard earned money comes from sacrifices and small things...BUILT UP.

Again, I only said, they won't get my vote. So I'm not insulting anyone here, freedom of speech. Just citing on who I want to vote so ayaw ka pikon and tell us that "less 3 votes ra", but let me take a shot back here, now we know the Garcia's has "ONE VOTE" from GIDDYBOY.hehehe =p

I fully support Tomas and I know that even a single cent, wla siyay gi bursa.
He's not the one who came from rags to riches. So I don't think the Garcia's have a pure intention on this issue.
Anyways, for holy weeks sake, dli nako mo reply ani na thread para wlay ma pikon.
Peace! =)

Advance Happy Easter everyone.
May the easter bunny visit Tomas and the SRP!!!

Bros,

I agree with many of the points raised by Cmac. Let me add my 2 cents on this issue.

Cebu City needs this deal period.

This wouldn't have been an issue if Mike Rama had been more circumspect with his priviledge speech in the Council.

This bickering is counter-productive if the aim is to bring in more investors to Cebu City and Province.

So, shut up already. And kiss and make up. Blessed are the peace makers !