Cebu City, megawide set to sign Supplemental JVA on Carbon development

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THE supplemental joint venture agreement (JVA) between the Cebu City Government and Megawide Construction Corp. (MCC) for the modernization of Carbon Public Market is set on Saturday, July 30, 2022.

This was what Cebu City Mayor Michael Rama said after the supplemental JVA was passed in the final regular session of the 15th Sangguniang Panlungsod last month.

The supplemental JVA, which will serve as cure to the previous JVA signed between MCC and Rama’s predecessor, the late Mayor Edgardo Labella, has introduced additional provisions, one of which is an annual share of P50 million a year to the City.

Rama told reporters that the P50 million for the City will be given after MCC signs the supplemental JVA.

This is contrary to the previous JVA signed between Labella and Manuel Louie Ferrer, MCC’s executive director for infrastructure, that the City Government will start receiving its annual share once the company completes development on the market by 2024.

Another provision introduced in the supplemental JVA is that MCC’s total project investment is set to grow to P8 billion from the original P5.5 billion, as this will include not just the modernization of the Carbon Public Market but also the development of Freedom Park, which has an area of 2,000-square meters.

The MCC and the City have initiated the clearing of stalls in Warwick Barracks and Freedom Park to make way for the development of the public market.

Vendors affected by the clearing operations were transferred to the Carbon Market’s Unit 2 building in Barangay Ermita.

The old Unit 2 building had been redeveloped by MCC just before vendors were transferred there.

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