On the losing end-A A +A
Sunday, January 5, 2014
THE land involved in the joint-venture agreement between the Cebu City Government and Filinvest is 40 hectares.
At an agreed on price of P10,000 per square meter. Its value is pegged at P4 billion.
The agreement was signed on Feb. 3, 2009, according to another newspaper. Its lifetime is 20 years, according to former Cebu City mayor Tomas Osmeña,
The agreement will soon mark its fifth birthday, meaning that 25 percent of the total term of the project will very soon be history.
To date, Filinvest has paid only P159 million to the City for the agreement.
Had the City sold the property outright, it would have earned by Feb. 3, 2014, P600 million in interest at 3 percent simple annual interest for the P4 billion for five years.
The P159 million that the City has been paid is less than 4 percent of the P4 billion that the City hopes to get from the agreement. That translates to a total Filinvest sales of only around P1.6 billion for the last five years (P320 million per year average). Looking forward, FLI will have to sell P38.4 billion worth of condos in the next 15 years (P2.56 billion sales per year) for the City to break even. That’s about 7,600 condos at P5 million each to be sold at an unrealistic (for me) 40 condos per month.
Time is on Filinvest’s side. In 10 years, it will be sitting on P50,000 per square meter worth of real estate, while its obligation to the City remains at P10,000 per square meter. (Cebu City lots, as of today, have already sold upwards of P50,000 per square meter.) The loser? The City. –Bobby Lozada
While jogging at the Cebu City Sports Center yesterday, I couldn’t help but overhear the choreographer of a high school contingent for this year’s Sinulog Grand Parade berate the students for not listening to his orders during practice.
The choreographer told the students that he’s a teacher and he knows about how people their age are not very good at heeding orders.
While I agree that high school students are not the best listeners, I don’t think the choreographer should call them “bogo” just because they couldn’t perform up to his standards.
I understand the pressure the choreographer is in. The contingent is participating in a contest, with cash prizes. In any contest, whether it’s a dance, song or a sport, the participant has to undergo rigorous training if he or she wants to succeed. And the choreographer is just doing his job as a coach to ensure the participant, the students in this case, succeed.
Well and good. But maybe the choreographer, or perhaps the festival organizers, should remember that the Sinulog is a religious event. I don’t think calling teens “bogo” will sit well with the Sto. Niño. –Publio J. Briones III
Published in the Sun.Star Cebu newspaper on January 06, 2014.