Finally, after several twists and turns, the controversial project of SM Prime Holdings, Inc. and Ayala Land Inc. has now been cleared to proceed with the development of the 26-hectare portion of the South Road Properties. This P300-billion worth project of SM and Ayala is expected to generate to about two million jobs for the Filipino people. Despite the hindrances of the previous administration, the project became inevitable after local lawmakers decided to finally approve this development plan. The permit was approved by the current Vice Mayor and Cebu City Council’s presiding officer, Michael Rama.
It can be recalled that in 2015, the former mayor Michael Rama went into a contract of sale with Filinvest Land Inc. and SM-Ayala Consortium. This agreement was deemed illegal by the former Cebu City Mayor Tomas Osmeña simply because it was opposed and unauthorized by the 13th City Council. However, last August 20, Councilor Philip Zafra authored the resolution asking to grant the development permit after the recommendation of the Cebu City Zoning Board. The councilors were on opposing sides. In fact, one of the councilors, Joy Augustus Young, voted “no” and questioned the legitimacy of the consortium agreement betweent SM and Ayala as it was notarized. To solve this, the councilors proposed a submission of a notarized copy of the memorandum of agreement to the city council members.
With this, Mayor Edgardo Labella announced that this consortium would surely alleviate the economy of the province and create more job opportunities for Cebuanos.