SNACKS and beverage maker Universal Robina Corp. (URC) said on Monday it had signed an agreement with the City Government of Passi in Iloilo for the construction of a road on its property that will lead to a proposed economic zone.
URC said it had signed a deed with the city government granting Passi City the right and privilege to use the company’s 40,239-square meter (sqm) property. The move is intended to prevent traffic from building up inside the city as well as to spread growth from the urban center to farm-dependent regions.
With respect to the subject property, the Sangguniang Panglunsod or City Council of Passi has already passed a resolution exempting URC from the payment of real property taxes.
“This is our way of giving back to a community that has been a gracious and generous host to us,” URC President and Chief Executive Officer Lance Gokongwei said in a statement.
“It is our hope that through this effort, Passi City can achieve its goals to bring growth and prosperity to its population,” he added.
Passi City is a largely agricultural town in central Iloilo which produces sugarcane, rice, and pineapple.
“It’s going to be a major artery that this road will bring about in the heart of Panay Island. It will make the flow of all transport connecting Iloilo, Capiz, Aklan and Northern Antique more feasible” Mayor Jesry Palmares said.
The company said it would retain the ownership of the property but Passi City will be in charge of maintaining and repairing the road.
URC is a Gokongwei-led firm which has operations and distribution lines in the United States, Australia, New Zealand, Europe, Japan, South Korea, Middle East, Southeast Asia and West Africa.
The stock closed Monday at P150 per share, up slightly from its previous close of P146.10.