Business Bayani PH

Mandaraig Infrabuild Corp. (MIC), a private construction company, has presented an ambitious ‘mega infrastructure project’ proposal valued at over ₱200 billion to the local government in a move towards elevating Cebu City’s urban landscape. The proposal aligns with the city’s vision of transforming into a Singapore-like metropolis with Melbourne-inspired features.

Speaking at a press conference held at Radisson Blu Cebu, Engr. Emmanuel Mandaraig, president of MIC, highlighted the company’s commitment to bringing this transformative vision to life. Mandaraig emphasized that the entire venture is financially independent of the city, saying, “This will not cost the city government even a single centavo.”

The heart of the proposal revolves around the development of approximately 14 structures within the South Road Properties (SRP). Key among them is the construction of a state-of-the-art government center building, set to house the new Cebu City Hall in the SRP. 

Additionally, MIC plans to establish a new IT community and executive buildings, complemented by a cutting-edge monorail and cable car system.

City administrator Atty. Collin Rosell, expressing his satisfaction with the private sector’s involvement, said, “The City of Cebu welcomes all investors out of its efforts for investment promotions. One of the responders, which is so active, is the leadership of Mandaraig Infrabuild Corp.”

Mandaraig revealed that the proposal has already secured overseas funding, with investors from the Middle East and Europe expressing their eagerness to contribute to the city’s development. 

The initial funding of $2.1 billion awaits clearance from regulatory bodies, including the Anti-Money Laundering Council, before being released and utilized.

The MIC’s proactive engagement with the city’s leadership underscores their dedication to the project. Mandaraig shared that he had initial meetings with Mayor Michael Rama and subsequently submitted a Letter of Intent to the mayor on January 27, 2023. The unsolicited proposal and a draft joint venture agreement (JVA) were officially submitted to the City Government in August last year.

City administrator Rossel assured the public that the proposal is currently under careful consideration by the Joint Venture – Selection Committee (JVSC). The committee, tasked with reviewing all relevant documents related to the project, will play a crucial role in shaping the partnership between the city government and MIC.

Rossel outlined the committee’s upcoming responsibilities, noting that “the committee will discuss the sharing scheme between the city government and the proponent and the mode of recovering the company’s investment.” 

He emphasized that the meticulous study by the JVSC is a crucial step before the city government can finalize an agreement with MIC.

In anticipation of further progress, Rossel assured Cebuanos that Mayor Rama would obtain the necessary authority from the Cebu City Council to sign the joint venture agreement with Mandaraig. 

The city’s joint efforts with the private sector signal a promising era of development and growth for Cebu City, bringing the ambitious ₱246 billion infrastructure project closer to realization.◼