A construction company vowed to help the city government here implement PHP246 billion worth of infrastructure projects, including a “government center” building and other Singapore-inspired buildings along the South Road Properties (SRP).
Cebu City administrator Collin Rossel said Mandaraig Infrabuild Corp. submitted its unsolicited proposal to help implement this capital city’s development programs.
The proposal will undergo a tedious study with the Joint Venture Selection Committee before the city government forges an agreement with the firm, according to Rossel.
“As of this moment, let the public know that Mandaraig is one of the important partners in undertaking infrastructure projects in the city,” he declared in a press conference at a hotel here.
The committee will discuss the sharing scheme between the city government and the proponent and the mode of recovering the company’s investment.
Emmanuel Mandaraig, president of the proposing company, said investors from the Middle East and Europe have already signified their willingness to invest in the city government projects.
An initial funding of USD2.1 billion is awaiting clearance from the Anti-Money Laundering Council and other agencies before its release and utilization.
He said they submitted the draft joint venture agreement with the city government in August 2023 and met with Mayor Michael Rama.
Rossel assured Cebuanos that Rama would get the authority from the Cebu City Council to sign the joint venture agreement with Mandaraig. (PNA)
