THE Bases Conversion and Development Authority (BCDA) on Tuesday said real estate developers have submitted letters of support to amend the BCDA Act of 1992.
In a statement, the BCDA said that Filinvest Land, Inc. (FLI), Ayala Corp., Megaworld Corp., and Hann Development Corp. delivered their letters of support for House Bill 8505 and Senate Bill 2647.
Senate Bill 2647, currently pending for second reading, seeks to strengthen BCDA by extending the expiration of its original term for another 50 years.
The bill also aims to authorize the sale of a portion of BCDA properties for residential, mixed-use, industrial, and institutional purposes.
Its counterpart bill in the House of Representatives has been approved in August 2023.
“The renewal of BCDA’s corporate existence and expanded role under [the bill] will inspire trust and confidence from both local and foreign investors and boost the country’s economy,” said FLI President and Chief Executive Officer (CEO) Tristaneil D. Las Marias.
“The extension of BCDA’s corporate existence not only ensures continued progress of the areas within its jurisdiction, but also allows the expansion of its industrial and economic footprint, attracting investors and fostering the local economy,” he added.
FLI is the developer of a 288-hectare site in New Clark City and a 201-hectare site in Pampanga.
Ayala, which is BCDA’s partner in the development of Bonifacio Global City in Taguig and Ayala Land Technohub in Baguio City, said that it also supports the extension.
“We support the proposal to extend the corporate term of BCDA for another 50 years from 2042,” Ayala President and CEO Cezar P. Consing said.
The BCDA said that the company also expressed support for the measure that will allow BCDA to convert a portion of its economic zones (ecozones) to alienable and disposable lands.
“This will enable BCDA to create more economic and social impact through the sound conversion of former military bases into productive developments,” it added.
Megaworld, BCDA’s partner in the development of McKinley Hill, Uptown Bonifacio, and Newport City, said that the BCDA’s properties have been “prime centers for economic development.”
“We thus welcome the proposal to extend the corporate term of the BCDA, and we are confident that the additional term provided to the BCDA would translate to even greater benefits to the country and the Filipino people,” said Kevin Andrew L. Tan, CEO of Alliance Global Group, Inc., the parent company of Megaworld.
Mr. Tan also added that the conversion of a portion of BCDA ecozones from leasehold to freehold would make the developments more dynamic and sustainable.
“A freehold residential component would make these ecozones more attractive and competitive as investment destinations,” he added.
Hann Chairman and CEO Dae Sik Han said the extension of BCDA’s corporate term will help ensure project continuity, which in turn will result in the successful completion of long-term projects.
“This stability is crucial for sustained economic growth and development, providing confidence to partners like Hann Development,” he said.
Hann is the developer of the 450-hectare luxury estate in New Clark City as well as the Hann Casino Resort. — Justine Irish D. Tabile