Cebu City to get P5 million from Megawide this year for Carbon Market modernization

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They said the P5 million in the first year and P14 million for the second year means that the city will lose P21 million per year.

However, Ferrer said this is not the case as the market operations will not be affected by the construction of Phase One and the city will still earn its usual profit from the market on the first to second year.The interim market will be managed by the city and the rent will also be collected by the city for now.

Food shops and merchandise shops will open here including local Lechon brands from Talisay City and Carcar City. From the fourth year onwards, the city can expect an AGP of P50 million reaching P70 million with the taxes expected from the establishments. However, the market code will still be amended to make this happen and the rental fees cannot be adjusted without the approval of the City Council.

 

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