Mayor Jed Patrick E. Mabilog and DoubleDragon Properties Corp. president Ferdinand Sia signed on Monday the joint venture agreement for construction of a P135 million terminal project in Iloilo.
“There is no stopping the development of the Iloilo City to Guimaras Ferry Terminal Project will push through,” Mabilog said.
“This will turn the Parola Ferry Terminal from Iloilo City to Guimaras province into a world-class facility, further boosting the tourism industry here,” he enthused.
“We are doing this to support the dream of our mayor. We grew up here. We would like to bring progress to the city,” Ferdinand, the younger brother of Ilonggo tycoon Edgar “Injap” Sia said.
The project includes the construction of a state of the art ferry terminal building, People’s Plaza commercial retail mall, pump boats refilling station; a fully landscaped 1.3 hectare complex.
“The city is not spending a single centavo for the project, but it will have a share from the revenues and taxes which will be placed in our General Fund,” Mabilog explained.
DoubleDragon will put up the entire structure and operate it in the next 25 years with option to renew, he added.
Site development and construction to last 10 months will start immediately after the issuance of notice to proceed this week.
Also present during the signing were Atty. Lito Barrera, corporate legal manager of DoubleDragon Properties Corp., and city administrator Norlito Bautista.