Real estate developers have expressed support to proposed bills amending Republic Act 7227 which will extend and expand the role of the Bases Conversion and Development Authority (BCDA).
BCDA in a statement yesterday said Filinvest Land Inc. (FLI), Ayala Corp., Megaworld Corp., and Hann Development Corp. (HDC), delivered their respective letters of support for House Bill 8505 and Senate Bill 2647.
BCDA said FLI believes the continued existence and the eventual expansion of BCDA will strengthen its ability to drive economic growth and develop key areas in the country.
FLI is the developer of the 288-hectare mixed-use development Filinvest New Clark City in Tarlac and the 201-hectare leisure estate Filinvest Mimosa+ in Pampanga.
“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. 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 local economy,” BCDA quoted
Tristaneil Las Marias, FLI president and chief executive officer, as saying.
BCDA also quoted Ayala president and CEO Cezar Consing’s letter which said “we support the proposal to extend the corporate term of BCDA for another 50 years from 2042.”
BCDA said Ayala also supports the measure to convert a portion of BCDA’s economic zones to alienable and disposable lands as this will enable BCDA to “create more economic and social impact” through the sound conversion of former military bases into productive developments.
Ayala and BCDA are partners in the development of the Bonifacio Global City in Taguig, and the latter’s subsidiary, John Hay Management Corp., for the Ayala Land Technohub in Baguio City.
BCDA said in the letter signed by Kevin Tan, CEO of Alliance Global Inc., parent company of Megaworld, the latter “welcomes 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.”
BCDA added Tan noted the conversion of a portion of BCDA ecozones from leasehold to freehold would make more dynamic and sustainable township developments.
He said a freehold residential component would make these ecozones more attractive and competitive as investment destinations.
BCDA said for Hann chairman and CEO Dae Sik, extending the agency’s term is vital for project continuity, ensuring the successful execution and completion of long-term initiatives.
HDC is the developer of Clark’s first fully integrated development, Hann Casino Resort, and the 450-hectare luxury estate development called Hann Reserve in New Clark City.
Senate Bill 2647 seeks to declare a certain percentage of the land area of each BCDA ecozone as alienable and disposable, authorizing its sale for residential use, mixed use, industrial, and institutional purposes. The bill also seeks to extend the BCDA’s corporate term by another 50 years from its current remaining corporate life of 18 years.
Its counterpart bill in the House of Representatives, House Bill 8505, was approved on third and final reading in August last year.
