MANILA, Philippines — Real estate developers are backing bills seeking to amend the charter of the Bases Conversion and Development Authority (BCDA) and extend the state-run firm’s corporate term for it to continue its role in driving economic growth and job creation.
Property firms and locators of BCDA economic zones such as Filinvest Land Inc. (FLI), Ayala Corp., Megaworld Corp. and Hann Development Corp. (HDC) have expressed support for House Bill (HB) 8505 and Senate Bill (SB) 2647 through their letters to the state-run firm.
SB 2647 seeks to extend the BCDA’s corporate term by another 50 years from its current remaining corporate life of 18 years.
In addition, it seeks to declare a certain percentage of the land area of each BCDA ecozone as alienable and disposable to allow its sale for residential use, mixed use, industrial and institutional purposes.
HB 8505, the counterpart measure at the House of Representatives, was approved on third and final reading in August last year.
“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 the local economy,” FLI president and CEO Tristaneil Las Marias said.
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.
Ayala Corp., which partnered with the state-run firm for the development of the Bonifacio Global City in Taguig and with BCDA subsidiary John Hay Management Corp. for the Ayala Land Technohub in Baguio City, also expressed support for the proposed measures.
The company recognized how the developments have helped stimulate economic growth in these areas and create more jobs for Filipinos.
“Thus, we support the proposal to extend the corporate term of BCDA for another 50 years from 2042,” Ayala Corp. president and CEO Cezar Consing said.
Megaworld, which partnered with the BCDA for the development of McKinley Hill, Uptown Bonifacio and Newport City, has described such as “prime centers of economic development key areas for employment generation.”
HDC, 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, is also supporting the proposed amendments.
Hann chairman and CEO Dae Sik Han said extending BCDA’s term is important to ensure continuity and completion of projects.
“This stability is crucial for sustained economic growth and development, providing confidence to partners like Hann Development,” he said.