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Cebu City’s proposed PHP250M first supplemental budget to cover 5,000 workers’ bonus

CEBU CITY, July 1 (PNA) -- The Cebu City government’s proposed PHP250-million first supplemental budget (SB1) for this year will cover the productivity bonus for the city’s 5,000 employees.

Cebu City Treasurer Diwa Cuevas said the city will give a bonus equivalent to a one-month salary to each employee.

Cuevas said the PHP250-million SB1 will include PHP78 million for the one-month productivity enhancement incentive (PEI) of the employees while PHP50 million will be used for asphalting.

Cuevas said SB 1 will also include the payment of the city's obligations in the past years.

Cuevas said they can use part of the PHP1.6 billion bid security generated during the bidding Tuesday of a total of 45.2 hectares of lots at the city-owned South Road Properties (SRP) for SB1.

The PHP1.6 billion is the bid security equivalent to 10 percent of the lot's total bid price.

Cuevas said the SRP lots fetched a total of PHP16.76 billion, exceeding the city’s expected sale of PHP9.15 billion for the lots.

Cuevas said the city is also expected to earn another PHP8.383 billion because the winning bidders are required to make a 50-percent downpayment immediately after the award of the contract. (PNA)

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Mandaue Cebu Budget 2011

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Last post December 10, 2010, 07:33:59 PM
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