Cebu City private sector supports Carbon modernization

·2 min read

THE Cebu Chamber of Commerce and Industry (CCCI) has expressed its support for the development of the old Carbon public market into a world-class market for the convenience of the consumers.

The CCCI, headed by its president Felix Taguiam, said the new Carbon will not only be improved structurally, but with facilities like solid and liquid waste and water management infrastructure that are basic for food safety and human health standards.

It further emphasized that modernizing the current market into “an iconic center of commerce will be beneficial and further contribute towards cementing Cebu’s position as an economic powerhouse in the country.”

Aside from the CCCI, other private corporations are also in support of the construction of the New Carbon Public Market which costs P5.5 billion.

One of the supporters is businessman Edward Tan Ting, who heads three corporations located around Carbon.

Ting said not only will this make Carbon a transport hub for local and foreign tourists as there will be direct transportation from the airport, but the local government unit will also earn more than double the current income of the old market.

Topline Business Development Corp. president and chief executive officer Eugene Erik Lim said: “Despite the pandemic, it is important that we put value in our post-Covid future. This starts by having a safe, clean and comfortable market that is comparable to the top marketplaces in the world.”

The modernization of the 112-year-old public market is a joint venture of the Cebu City Government and Megawide Construction Corp.

Louie Ferrer, chairman of Cebu2World Development Inc. which is the subsidiary of Megawide, said: “We are grateful for the support of pillar organizations such as the Cebu Chamber of Commerce and its member companies. As they are comprised of Cebu’s most storied and respected businesses, our ongoing dialogue, which includes insights and questions they have raised, are always geared to ensure Cebu City and its people get the best possible value from the project.”

Based on the joint venture agreement, Cebu City will receive a minimum sum of P70 million annually from the project—P50 million from the annual guaranteed payment, subject to 10 percent escalation every five years, and another P20 million in business and property taxes.

Before the Covid-19 pandemic, Carbon market would earn P21 million annually. With the New Carbon Public Market, the income of the City will triple.

The renovation of the Unit II of Carbon market will start this month so that the vendors from Freedom Park can be transferred there. (PAC, PR / CCP)

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