SOME OPPOSITION councilors have questioned the financial and technical capability of a newly formed Gokongwei-owned firm to undertake the P18-billion integrated resort project at the South Road Properties (SRP) in Cebu City. Councilor Raymond Alvin N. Garcia, during the first committee hearing Wednesday, said he is “wary” of Universal Hotels and Resorts, Inc. (UHRI) because it was incorporated in 2017 with an authorized capital of P100 million, but has a paid up capital of only P6.2 million.

Mr. Garcia said he wants to make sure that the company can complete the project at the nine-hectare Kawit Island property owned by the city government. Officials of UHRI and the Cebu City government, including Mayor Tomas R. Osmeña, who were at the hearing defended the company and the project, which would include a shopping center, theme park, convention center, casino gaming area, three hotels, and parking spaces. The series of hearings is intended to evaluate the lease contract between UHRI and the city government for the required council resolution that would authorize the mayor to sign the deal. — The Freeman

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