I am very proud to announce that we have a fantastic breakthrough for the SRP! John Gokongwei, who is not just a self-made billionaire but also a fellow Cebuano, has agreed to invest 18 Billion pesos into a 80,000 square meter world-class integrated development that includes restaurants, bars, a mall, convention center, casino, park, theatre, and no less than 3 hotels.
All of this at no cost to the City. In fact, in exchange for a 50 year lease of the land, the City will own 10% of all profits made for the entire duration. After this, when the lease expires, the Cebuanos will own not just 10%, but EVERYTHING on the property.
The 18B being spent is not going to the government, it is going to the economy of Cebu. This is 18 Billion that goes to the construction workers, suppliers, security guards, truck drivers, electricians, and carpenters who will make the pictures you see here become reality. And after it’s done, there will be 5,000 new jobs waiting for the Cebuanos.
This development will be called Isla dela Victoria, named after Jojo dela Victoria, a Cebuano who died protecting our waters from dynamite fishermen. Isla dela Victoria will put the spotlight on the SRP. It will be accessible by sea taxi directly from Mactan Airport. It will be the hub for the ferries and cruise ships that will come, and for the seaplane airline that is already there. It will be the shining beacon of the Visayas.
Unlike a land sale, this not a one time deal. We will get 10% for 50 years. And after that, long after I’m gone, the Cebuanos will OWN everything. We built the SRP for only 2,000 per square meter. Today, it stands at 100,000 plus. Imagine the property value of the SRP after another 50 years of development. One day, perhaps even less than 50 years from now, we will be able to afford to put every Cebuano through college.
This is not a distant dream. We have been working for this long before it was announced. Everything is already set to begin. As soon as the contract is signed, construction will begin in a month. The last hurdle is the opposition in the City Council. Come Tuesday, we shall see if the opposition is willing to sacrifice our tomorrow for their today.
The SRP is like a mango tree. We plant it not just for ourselves, but so its fruits can go to our children and grandchildren - and their grandchildren as well.
The seeds have been planted. Now we will make them grow
-Cebu City Mayor Tommy Osmeña
"Tomorrow must be Better than Today."