State-run Bases Conversion and Development Authority (BCDA) has commended the filing of a Senate bill that aims to enhance and expedite its infrastructure investment prospects.
In a statement, BCDA said it welcomed the recent filing of Senate Bill No. 2647, as it will facilitate affordable housing, accelerate infrastructure development, attract investments, and bolster the Armed Forces of the Philippines (AFP) pension fund.
“With our properties, such as Clark, John Hay, Poro Point, and Morong Discovery Park, on the cusp of economic transformation, we urgently need to overcome legislative challenges that may hinder the optimum potential of these economic zones,” BCDA President and Chief Executive Officer Joshua Bingcang said.
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.
Senate Bill 2647 would permit specific partial land areas of each BCDA-owned economic zone to be alienable and disposable. This would mean that some parts near business districts can have either residential spaces or be utilized for mixed-use, industrial, and institutional purposes.
Furthermore, the state enterprise wishes to have the Bases Conversion Act of 1992 amended; this bill would maintain investors’ confidence in the economic areas and facilitate the implementation of long-term infrastructure projects.
The Republic Act 7227 was filed on April 30 by Chairperson of the Senate Committee on Government Corporations and Public Enterprises Alan Peter Cayetano, alongside Senator Jinggoy Estrada and Senator Francis N. Tolentino.
“If passed, this measure is seen to mobilize residential and affordable housing development in the ecozones, which is currently prevented by the leasehold status of the properties,” BCDA said.
“This would benefit workers who usually need to live and commute outside the BCDA ecozones, providing them convenience and affording them the opportunity to own a property that they can pass down to their children or family members.”
Subsequently, the senate bill also stated that the net proceeds from the land sale are said to be allotted and remitted to the AFP pension fund, while a chunk of the generated funds would be directed to BCDA and its subsidiaries to develop infrastructure projects.
To ensure economic developments are set for completion, the bill would also affirm an extension of the state enterprise by an additional 50 years from its current remaining corporate life of 18 years.
“This would likewise boost investor confidence in the BCDA’s properties, providing assurance to businesses and locators planning to invest or expand their operations,” the BCDA added.
Meanwhile, the proposed changes to the BCDA charter have received support from the BCDA’s partners, Ayala Corp., Megaworld Corp., Filinvest Land Inc., Hann Development Corp., Equinetsupport Inc., Clark Investors and Locators Association, Pampanga Chamber of Commerce and Industry Inc., Maharlika Investment Corp., Department of Science and Technology (DOST), and the University of the Philippines, and the city government of Angeles, Pampanga.
Last year, the House of Representatives approved the third and final reading of the strengthening BCDA’s authority under House Bill 8505.
The House Bill 8505 would open amendments to the BCDA Act of 1992.