Exploring Next BGC: Two large government lands identified


In the urban landscape of Metro Manila, where available land is increasingly scarce, the Department of Finance is suggesting the development of new modern business districts on two large state-owned lands that could replicate the success of Bonifacio Global City (BGC).

Finance Secretary Ralph G. Recto has pinpointed the 600-hectare land at Ninoy Aquino International Airport (NAIA) in Parañaque City and the 551-hectare site currently housing the New Bilibid Prison (NBP) in Muntinlupa City as prime candidates for future business district developments.

Recto noted the economic value of these government properties and supported improving them through privatization. 

He argued that privatization is the most suitable strategy for developing these properties, given the government's limitations in expertise and financial resources for such projects.

An example cited by Recto is the 3,500-hectare Villar City, the ambitious mixed-use development project of billionaire Manuel B. Villar, Jr.

“Can the government do the same thing with the amount of government properties?" Recto asked.

According to a preliminary estimate by the finance chief, NAIA could potentially be sold at P1 million per square meter, while NBP could fetch around P500,000 per square meter. 

READ: Potential NAIA land sale floated by Recto valued at P6 trillion

In total, the government could potentially generate revenues of P7.5 trillion, with P6 trillion expected from NAIA and the remaining P1.5 trillion from NBP.

Nevertheless, Recto clarified that these are just some of his "ideas" and not concrete plans that he intends to pursue as President Marcos' chief economic manager.

“Don’t you want to build more BGCs? We should be thinking things like that,” Recto said.