Cebu Province signs agreement for Cordova reclamation project

·2 min read

THE Province of Cebu has inked the memorandum of agreement (MOA) of the Joint Venture Agreement (JVA) for the proposed 254-hectare reclamation project in the town of Cordova, Cebu.

Gov. Gwendolyn Garcia led the signing of the agreement together with Provincial Board Member Glenn Soco, Cordova Mayor Mary Therese Sitoy-Cho, and the proponents of the JVA at the Cebu Provincial Capitol Friday, Feb. 4, 2022.

The proponent of the JVA is Cordova Shores Development Corp., which is composed of Ulticon Builders Inc. and Premium Megastructures Inc.

According to Garcia, the proposed reclamation project will spur economic development not only for the municipality but also for the entire Province of Cebu.

The project will be divided into two sites: 204 hectares will be developed in Barangays Catarman and Buagsong that will be intended for commercial, residential and business areas.

The second site will develop 50 hectares in Barangays Alegria and Poblacion that can be used as a business, residential and recreational area. The site is also eyed as a potential cruise ship dock site.

Overall, the reclamation project will increase the land area of the town by 132.08 hectares.

Sitoy-Cho said it has been a year since they wanted this project to be realized.

The mayor then thanked the governor for taking the lead and keeping the municipality informed on the JVA.

Garcia said the idea of building the ambitious Cordova Reclamation Project was already there decades ago when she was still a consultant for the province.

The governor added that this could be one of the reasons why she is back as governor of the province.

“Because we will be working together, we will say, ‘Yes, it will become reality and the reality begins today,’” said Garcia.

The project is envisioned to complement the Cebu-Cordova Link Expressway that is expected to open this year.

Premium Megastructures Inc. and Ulticon Builders Inc. are also the proponents of another project on Mactan Island, where Cordova lies.

Last December, Mayor Junard Chan of the neighboring Lapu-Lapu City announced the proposed construction of the Lapu-Lapu Expressway or LLEX, a P12-kilometer skyway that would start in Barangay Babag 2, pass through Barangays Basak, Buaya and Ibo, and end at the Mactan-Cebu International Airport.

The project, a public-private partnership, was initiated by three construction firms, namely Premium Megastructures Inc., Ulticon Builders Inc. and MTD Philippines.

Members of the Lapu-Lapu City Council’s opposition bloc, however, thumbed down the proposed joint venture agreement for the P24.8 billion LLEX later that month, citing issues on the project’s exemption from business, community and real property taxes, as well as the low share of the City in the project’s revenues.