The proposed bill on strengthening the Bases Conversion and Development Authority (BCDA) and extending its corporate life for another 30 years has passed the Senate, the BCDA said.
In a statement on Thursday, the BCDA said Senate Bill No. 2647 paves the way for the full ownership of residential, mixed-use, institutional and industrial properties inside the BCDA sites, including Clark in Pampanga and Tarlac, Camp John Hay in Baguio, Poro Point in La Union, and Morong Discovery Park in Bataan.
Senators Mark Villar and Alan Peter Cayetano principally sponsored the bill, which passed the third and final reading on February 3.
A key provision of the bill is the conversion of 5 percent of the government-owned and controlled corporation’s (GOCC) economic and freeport zones from leasehold to freehold status, which would unlock opportunities in the residential market.
“Allowing the sale of converted land for residential purposes will not only create new business opportunities and stimulate the housing sector, but will also provide potential residents and their families with the opportunity of full property ownership,” the BCDA said.
The current corporate mandate of the BCDA is expiring in 2042.
The extension of its corporate life ensures a stable and attractive environment for future investments, the GOCC said.
