AT A GLANCE
- The projected revenue generation could come from the bill’s proposed provision to allow the conversion of 5% of the Bases Conversion and Development Authority’s (BCDA) economic zones to freehold status from leasehold, authorizing the BCDA to sell these properties for residential purposes.
- At present, lands within BCDA economic zones are only available on leasehold, preventing the entry of affordable housing developers. Converting portions of the ecozones to freehold will liberalize the residential market for an average Filipino and allow full ownership of the property.
- “Once this is implemented, workers within our economic zones will be able to have their own homes, be closer to their jobs and live comfortably with their families,” says Joshua M. Bingcang, BCDA President and CEO.
The Bases Conversion and Development Authority (BCDA) said the approved House Bill 8505, which seeks to amend its charter, will free up 1,856 hectares of land which can potentially generate P451.26 billion up to P1.45 trillion in revenues.
BCDA President and Chief Executive Officer Engr. Joshua M. Bingcang said the projected revenue may be earmarked for the military pension fund, a priority of President Ferdinand R. Marcos Jr.
Bingcang issued the statement Wednesday, Aug. 30, following the approval on third and final reading last Aug. 22, of HB 8505. This version is a consolidated substitute bill of Pampanga Representatives Deputy Speaker Gloria Macapagal-Arroyo and Senior Deputy Speaker Aurelio “Dong” Gonzales that seeks to amend Republic Act No. 7227 or the Bases Conversion and Development Act of 1992.
Bingcang cited the impact of the measure in the development of the economic zones managed by the state-run firm, and in beefing up the state coffers to support the military’s pension fund.
The projected revenue generation could come from the bill’s proposed provision to allow the conversion of five percent of BCDA’s economic zones to freehold status from leasehold, authorizing the BCDA to sell these properties for residential purposes.
At present, lands within BCDA economic zones are only available on leasehold, preventing the entry of affordable housing developers. Converting portions of the ecozones to freehold will liberalize the residential market for an average Filipino and allow full ownership of the property.
“Once this is implemented, workers within our economic zones will be able to have their own homes, be closer to their jobs and live comfortably with their families,” Bingcang said.
BCDA’s corporate term will be extended for another 50 years from its current remaining corporate life of 19 years under the bill. This extension will increase the confidence of investors when transacting with BCDA, as well as allow BCDA to continue its support to the AFP Modernization Program under the bill.
In addition, the bill calls for increased authorized capital of the BCDA to P400 billion from P100 billion.
“The amendments we seek will not only extend the life of BCDA, but allow us to further unlock the potential of our ecozones. These will give BCDA the powers to accomplish more for the government and the people, particularly in real estate, infrastructure, and sustainable development,” Bingcang said.
The bill ensures the continuity of the BCDA’s function as a builder of great cities and a prime mover of national development, while also helping the state-run firm conquer legislative hurdles that could restrict the full development of its properties—from Fort Bonifacio in Metro Manila to Poro Point in La Union.
“Our economic landscape is evolving at a tremendous pace, thus the need for BCDA to take big, bold moves to adapt with these changes and deliver the socioeconomic transformation we envision for our development areas in Clark. This bill will aptly address these gaps in our current charter and we couldn’t be more happy to express our gratitude to our friends in the House of Representatives for passing this bill on third and final reading,” he said.
“The House approval provides us one less hurdle to overcome, and we hope the Senate will also support our proposed bill as this will translate to better lives for the Filipino people,” he added.
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The article was originally published in Manila Bulletin and written by Bernie Cahiles – Magkilat.
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