UNIVERSAL ROBINA Corp. (URC) is allowing the Passi City government in Iloilo province to use part of its property to build a road leading to a proposed economic zone.

In a statement on Monday, the Gokongwei-led food and beverage firm said it signed the deed with the Passi City Mayor Jesry T. Palmares, giving the city government the “right and privilege” to use 40,329-square meters of URC’s property for the road.

“This is our way of giving back to a community that has been a gracious and generous host to us. It is our hope that through this effort, Passi City can achieve its goals to bring growth and prosperity to its population,” URC President and Chief Executive Officer Lance Y. Gokongwei was quoted as saying in a statement. 

Under the deal, URC will remain to be the owner of the property, which in turn will be maintained and repaired by the city government. The agreement will also exclude URC from paying real property taxes on the parcel of land.

“It’s going to be a major artery that this road will bring about in the heart of Panay Island. It will make the flow of all transports connecting Iloilo, Capiz, Aklan and Northern Antique more feasible,” Mr. Palmares said.

Passi City is primarily an agricultural town, which produces sugarcane, rice, and pineapple. The development of an economic zone within the area would help spread growth from urban centers to farm-dependent regions.

Shares in URC added P3.9 or 2.67% to close at P150 each on Monday. — Arra B. Francia

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