bro, ako na gi post dre ang mga accomplishment sa current Provincial admin. kindly read back nlng the previous posts...they even actually were googled ra pre. u can do that too!
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‘Textbook case of plunder’
Sun.Star Daily
Monday, April 13, 2009
REP. Pablo John Garcia (Cebu, 3rd district) continued his questions against the Cebu City Government-Filinvest Land Inc. (FLI) deal, calling it a “textbook definition of plunder” and not a joint venture agreement.
In a press statement, he questioned why the City will only get a net share of nine percent instead of 10 percent, which was stipulated in the agreement.
FLI has won the rights to purchase 10.6 hectares of the South Road Properties (SRP), and is already in possession of the titles of two hectares after a P348-million down payment.
Aside from the outright sale of 10.6 hectares, the City has also entered into a joint venture agreement with FLI for 40 hectares.
Garcia, explaining why the City will only get nine percent rather than 10 percent, said that under Section 8 in the agreement, the city agrees to pay seven percent of the gross selling price to FLI through sales commissions and marketing expenses.
This, he said, leaves only 9.3 percent for the city.
“This is not a joint venture, this is a textbook definition of plunder,” he alleged.
He said that with it already not getting the lion’s share in the JV, the City will also have to spend on road networks, drainage system and utilities, as stipulated under Section 10 of the contract.
This, he said, is aside from the fact that the City contributes the land in the transaction.
In most joint ventures, Garcia said, the property owner can have as much as a 40- to 50-percent share and will only contribute the land. The partner, meanwhile, will spend for the entire development of the area.
“I challenge Filinvest to name a development anywhere in the country, or even the world, where the lot owner contributes not only the land, but also hundreds of millions…(in) development cost and gets only 10 percent of the venture,” the congressman said.
full article:
?Textbook case of plunder? | Sun.Star Network Online
Last edited by giddyboy; 04-13-2009 at 10:54 AM.
na maghuwat nalang ta nga mahuman ni nga tunnel para pa puslan sa tanan....
pero basin pag moagi ta sa tunnel naay bayad.... para maintenance.. posible kaha?
wala nay bayad bro uy... ang second bridge diay ug SRP, wa man lage gipabayran... nga mas dako man to ug gasto kaysa sa tunnel... all 3 projects btw was constructed by the same construction firm, kajima corp... ang gi ingon ni leo kay bogus na, unsa balay gihimo kay tihik-tihikon ang paghimo... dili na pwede matihik2x bro uy, basta dinagko-ay nga project...
sakto na imo doydi, mura wala kaayo magic anang dagko nga project... kay daghan mat-an nga mag bantay, hilabi na wala sila ka apil ug pangwarta ana or naka commision, I believe materials ana, deniyos gyud ug by the book kaayo, ari rana sa over pricing ig-on dili sa tihik tihikan ug materials... so i believe lig-on na ang tunnel nato.. just like sa mga lamp post, di ba nice kaayo and high quality, gi over price lang... that's my point...![]()
^^i heard nga grabe dw kaayu ni sila og preparations before cla nghimo sa tunnel. i have high hopes for them.
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