State-run Bases Conversion and Development Authority (BCDA) expects to amend the Bases Conversion Act of 1992 before President Marcos’ State of the Nation Address (SONA).
BCDA President and Chief Executive Officer (CEO) Joshua Bingcang shared during a forum discussion in New Clark City that they have scheduled a second reading with the respective senators on Tuesday, May 14.
During the 2024 joint forum of the BCDA and the Economic Journalist Association of the Philippines (EJAP), Bingcang said that various investors have expressed interest in pursuing infrastructure developments while waiting for the positive outcomes of Republic Act 7227.
“Our target is to have [the bill] signed by the President before SONA [in July],” Bingcang said.
Once this becomes a law, they can convert five percent of BCDA’s properties from leasehold to freehold. This allows developers to the land for mixed-use residential and residential use.
Earlier this week, the BCDA reported support from partner developers like Ayala Corp., Megaworld Corp., Filinvest Land Inc., Hann Development Corp., and many others.
“We have a masterplan of identifying the areas for residential. [There are] about 1,000 hectares planned for Clark, and we will develop this into phases,” he added.
The target residential areas are said to be strategically placed in business zones to
The BCDA chief also shared that they have already planned on allocating a portion of their owned land for residential use so that businesses can thrive within the economic zones.
Once the President signed the bill into law, the state enterprise plans to dispose of the 1,000-hectare land area for residential occupancy.