A PHILIPPINE senator filed on Tuesday the committee report of a bill seeking to extend the Bases Conversion Development Authority’s (BCDA) corporate term to 50 years and increase its capital stock to P200 billion from P100 billion.
Under the committee report of Senate Bill No. 2647, each BCDA economic zone will have an area of land that would be disposable which would allow its sale for residential use. About 25% of the net proceeds from land sales would go to the Armed Forces of the Philippines Pension Fund.
The BCDA would have to submit to the Office of the President updates on its land sales of disposable lands.
The company’s capital stock of P200 billion would have to be funded through its cash or property.
The measure was submitted by the Senate committees on Government Corporations and Public Enterprises and National Defense and Security, Peace, Unification and Reconciliation. — John Victor D. Ordoñez