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Article: Cebu City's finances to stabilize as SRP starts to generate cash.
- Article from:
- Philippines News Agency
- Article date:
- October 30, 2009
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CEBU CITY, Oct. 30 (PNA) - Cebu City Mayor Tomas Osmena said the city will be financially secure to pay off its loan for the South Road Properties (SRP) when he steps down next year if the city government closes the three deals for SRP lots.
Osmena said this is the reason he preferred an outright purchase of SRP lots by SM Prime Holdings, Bigfoot Entertainment and a group f Korean investors, instead of a joint venture similar to the Filinvest Land inc. (FLI) transaction.
Osmena assured the city will not go bankrupt with the three sales, which will earn for the city at least P3.7 billion, payable in six years.
"I want to be sure that at the end ...