CEBU CITY, Philippines -- Cebu City Mayor Michael " Mike" Rama and Megawide Construction Corp. are set to sign the 15th City Council-approved supplemental memorandum of agreement (MOA) for
Cebu City Mayor Michael Rama. | CDN Digital file photo
Rama said that after the City Council passed the supplemental MOA during the final regular session of the 15th Sangguniang Panlungsod last month, the supplemental MOA is already “good as signed” and the Mayor’s signature is just for formality. The Supplemental MOA cures the previous joint venture agreement . It removes the provision in the original JVA that would have stopped the development while anticipating the return of profit from a certain phase. It also increases Megawide’s investment in the project from P5 billion to P8 billion.
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