CEBU CITY – Mayor Michael Rama here and officials of the Megawide Construction Corp. (MCC) signed Sunday, July 31, the Supplemental Memorandum of Agreement (MOA) for the redevelopment of the century-old Carbon Market.

After the signing of the MOA, which amended and updated the Joint Venture Agreement (JVA) that both parties first signed in January 2021, Manuel Louie B. Ferrer, MCC executive director for infrastructure development, handed over to Rama a check for P50 million as the city’s annual receivable share from the project.

The P50-million share was part of the additional provisions in the supplement that also include the increase of MCC’s investment from P5.5 billion to P8 billion.

The project was initially approved under the administration of the late Mayor Edgardo Labella.

Rama, then the vice mayor, opposed what he described as rushed approval of the project last year but was overruled by the City Council.

He sought for more scrutiny of the project, which was opposed by some Carbon vendors.

Barangay captains, vendors, and other stakeholders graced the signing of MOA.

Lawyer Collin Rosell, Secretary to the Mayor, said the project is proceeding with the MOA signing.

“Everything should now go as planned – the whole development in accordance with the updated JVA,” Rosell said.

“This is for everyone to be aware and join the government in transforming the whole Carbon Market area to be at par with other countries.”

With the signing of the supplement MOA, all vendors will be assured that no one will be displaced during the implementation of the project.

The full restoration and preservation of the historical Freedom Park was also covered under the supplemental MOA.