State-run Bases Conversion and Development Authority (BCDA) has secured its first long-term residential lease agreement with an executive of the Manuel V. Pangilinan-led Metro Pacific Investment Corp. (MPIC).
In a statement on Monday, Jan. 13, BCDA said it entered into an agreement with MPIC Director Victorico “Ricky” Vargas for two Forest Cabin units at Camp John Hay.
Vargas' lease agreement is the first long-term residential lease secured by BCDA since a Supreme Court victory that allowed the agency to recover the Camp John Hay property from CJH Development Corporation (CJH DevCo).
BCDA president and chief executive officer Joshua M. Bingcang said the 25-year lease signifies renewed investor confidence in the iconic destination.
The Forest Cabin complex, nestled within the 247-hectare Camp John Hay, spans 1.47 hectares and comprises 56 units, each averaging 270 square meters.
“BCDA remains fully committed to ensuring that conditions will continue to improve in the years ahead," Bingcang said. "Our goal is not only to grow together but to provide a stable and thriving environment for all our partners.”
Bingcang emphasized BCDA's dedication to fostering a cooperative business environment at Camp John Hay.
He also noted that more long-term lease agreements are expected to be finalized soon and urged individuals with previous contracts under CJH DevCo to initiate discussions with BCDA for a seamless transition.
On December 12, 2024, the Supreme Court upheld an arbitral ruling ordering CJH DevCo to vacate the leased property, reinforcing the significance of upholding legal agreements.
In December, BCDA annoucned that it was considering partnering with the MVP Group to manage and operate the Camp John Hay following a Supreme Court resolution ordering the turnover of the area to government.