Cebu City - The Cebu City government is considering a partnership with Mandaraig Infrabuild Corp., a construction company, to implement PHP246 billion worth of infrastructure projects. These projects include a new 'government center' building and other developments inspired by Singaporean architecture along the South Road Properties (SRP).
According to Philippines News Agency, Mandaraig Infrabuild Corp. has submitted an unsolicited proposal to support the city's development programs. This proposal will be subjected to a comprehensive review by the Joint Venture Selection Committee before any agreement is finalized with the firm. During a press conference held at a local hotel, Rossel stated, "Mandaraig is one of the important partners in undertaking infrastructure projects in the city."
The committee is set to discuss the financial sharing arrangement between the city government and the proposing company, as well as the methods for the firm to recover its investment. Emmanuel Mandaraig, the president of Mandaraig Infrabuild Corp., revealed that investors from the Middle East and Europe have expressed interest in investing in these city government projects. He mentioned an initial funding of USD2.1 billion, which is pending clearance from the Anti-Money Laundering Council and other relevant agencies before its release and use.
Mandaraig noted that they had submitted the draft joint venture agreement to the city government in August 2023 and had discussions with Mayor Michael Rama. Rossel reassured the citizens of Cebu City that Mayor Rama would seek authorization from the Cebu City Council to sign the joint venture agreement with Mandaraig Infrabuild Corp.