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Manila Bulletin devider Business devider Real-estate giants back BCDA charter amendments

Real-estate giants back BCDA charter amendments

Published Oct 15, 2024 02:34 am

Large real estate developers in the country have voiced their support for proposed legislation aimed at extending the Bases Conversion and Development Authority’s (BCDA) corporate term.

Filinvest Land Inc. (FLI), Ayala Corp., Megaworld Corp., and Hann Development Corp. have submitted letters of support for House Bill 8505 and Senate Bill 2647, citing BCDA's contributions to economic growth and development.

These developers noted BCDA's successful track record in creating mixed-use developments, business hubs, and industrial zones.

They explained that extending BCDA's corporate term would provide stability and confidence for investors, leading to further economic growth and job creation.

As 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, FLI described BCDA as a "key progress catalyst" in Central Luzon and a "steadfast partner" in establishing townships, business hubs, and industrial zones.

Therefore, Filinvest believes that the continued existence and expansion of BCDA will strengthen its ability to drive economic growth and develop key areas in the country.

“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,” FLI President and Chief Executive Officer (CEO) Tristaneil D. Las Marias said.

Meanwhile, Ayala stated that its partnership with the BCDA for the development of the Bonifacio Global City in Taguig, and its subsidiary, John Hay Management Corp., for the Ayala Land Technohub in Baguio City, has 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 President and CEO Cezar P. Consing said.

The company also supported 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.

Megaworld, meanwhile, said its partnership with the BCDA resulted in the development of McKinley Hill, Uptown Bonifacio, and Newport City, which it described as “prime centers of economic development key areas for employment generation.”

“We thus welcome 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,” said Kevin Andrew L. Tan, CEO of Alliance Global Group Inc., the parent company of Megaworld.

In addition, Tan said 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.

Lastly, Hann Chairman and CEO Dae Sik Han said extending BCDA’s term is vital for project continuity, ensuring the successful execution and completion of long-term initiatives.

“This stability is crucial for sustained economic growth and development, providing confidence to partners like Hann Development,” he said.

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.

Related Tags

Megaworld Corp. Bases Conversion Development Authority Filinvest Land Inc. Ayala Corporation Hann Development Corp.
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