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THE Capitol's advice to SM mall management to study its transaction with the Cebu City government in relation to its South Road Property (SRP) deals is nothing but an empty threat, Cebu City Mayor Tomas Osmeña said.
He brushed aside Capitol consultant Rory Jon Sepulveda's call to SM officials to review the city's joint venture ordinance.
“It needs congressional approval? But to buy land under the water you don't need a congressional approval?,” the mayor said.
Osmeña referred to the Capitol's purchase of the 24.7 hectare Balili beach property that was later found to be mostly submerged in water.
The mayor's said if the SRP would have to undergo congressional review and approval, then it would be a first in the country's history.
Osmeña said the SRP forms part of the bilateral agreement between the country and Japan and was approved by Congress.
The Commission on Audit already approved the Swiss challenge bid for SM Prime Holdings Inc. which purchased 30.4 hectares of prime lot in the SRP.
Osmeña said if the Commission on Audit (COA) approved a similar deal with Filinvest Land Inc., there is no reason why the city's deal with SM won't push through.
Capitol earlier bid for 50 hectares of prime SRP lots that were awarded to Filinvest but the provincial government was rejected as an unqualified bidder. Correspondent Fe Marie Dumaboc
