The extension of the corporate term of the Bases Conversion and Development Authority (BCDA) and the amendments to its charter could generate up to P1.45 trillion revenues that could be earmarked for the military pension fund, according to Joshua Bingcang, BCDA president and chief executive officer.
House Bill (HB) 8505, approved on third and final reading last August 22, extends the corporate term of BCDA for another 50 years from its current remaining corporate life of 19 years; increases the authorized capital of the agency to P400 billion from P100 billion; and allows conversion of five percent of BCDA’s economic zones to freehold status from leasehold, authorizing it 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.
The BCDA estimates this provision will free up 1,856 hectares of land, which can potentially generate P451.26 billion up to P1.45 trillion in revenues.
“The amendments we seek will not only extend the life of BCDA, but (will also) 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 in a statement.
HB 8505 is a consolidated substitute bill of Pampanga Representatives deputy speaker Gloria Macapagal-Arroyo and senior deputy speaker Aurelio Gonzales that seeks to amend Republic Act No. 7227 or the Bases Conversion and Development Act of 1992.
Bingcang said the bill removes the legislative hurdles that could restrict the full development of its properties–from Fort Bonifacio in Metro Manila to Poro Point in La Union.
