Everything is in place and there is no more legal impediment on the construction of the new and modern Parola ferry terminal building at the in Iloilo City.
Iloilo City Administrator Norlito Bautista said the terminal project is under a joint venture with the city government and not a public private partnership (PPP) as reported earlier.
Double Dragon Properties offered as a partner in the joint venture agreement approved by the Sangguniang Panlungsod through a city ordinance. The corporation will build the terminal amounting to more than P135million and will also operate and maintain the ferry terminal.
Bautista said the joint venture was reviewed and assessed by the National Economic and Development Authority (NEDA) found to be beneficial to the city government here.
Double Dragon will pay the city government a percentage from the proceeds of the terminal and will likewise develop a park beside the terminal building and a city mall to serve the needs of boat commuters from Iloilo and Guimaras. By LydiaC. Pendon