Labella admits he’s against Isla dela Victoria. Here’s why
The city is on the losing end of the bargain, he said.
Vice Mayor Edgardo Labella came clean and explained why he’s averse to the current deal with bilyonaryo businessman John Gokongwei for the Isla dela Victoria development project in Cebu City.
In his eyes, it was an unfair deal: The Gokongweis will invest P18 billion and the Cebu City government will match it with P10 billion, but the profit sharing scheme is at 90-10% by the ninth year of the contract.
“I am not against the Isla dela Victoria Project (Kawit deal). I am against a deal that is grossly disadvantageous to Cebu City even if it is grossly advantageous to some people,” Labella said.
He denied Mayor Tommy Osmeña’s accusations that he walked out of the council session. Instead, he called him a “spoiled brat” and even accused him of having something to gain from the lopsided agreement.
“When Mr. Osmeña accuses me of blocking the Isla dela Victoria Project (Kawit deal), I take it as a compliment because I have the best interest of Cebu City in my heart and mind. Unlike him, I have no personal interest in the Kawit deal,” he added.
Which side are you on?