Senator Alan Peter Cayetano is championing a bill aimed at further empowering the Bases Conversion and Development Authority (BCDA) in its mission to transform former military bases into vibrant economic zones that benefit both the economy and the people.
Filed on April 30, 2024 by Cayetano as Chairperson of the Senate Committee on Government Corporations and Public Enterprises, Senate Bill No. 2647 proposes amendments to Republic Act No. 7227, as amended, addressing crucial aspects of the Bases Conversion and Development Act of 1992, alongside the constraints that require attention.
The bill was prepared and submitted jointly with the Senate Committee on National Defense and Security, Peace, Unification and Reconciliation, chaired by Senator Jinggoy Estrada, with Senator Francis Tolentino serving as vice-chairperson.
The key amendments to the bill include the following:
- extending BCDA’s corporate term by another 50 years
- increasing the authorized capital stock from P100 billion to P200 billion
- declaring a certain percentage of the land area of each BCDA economic zone as alienable and disposable, authorizing its sale for residential use, mixed use, industrial and institutional purposes
- remitting a portion of net proceeds from land sales to the AFP Pension Fund.
“Since its establishment, the BCDA has been a stalwart in driving new investments and realizing master plans for cities and economic zones,” Cayetano said, citing worthwhile projects such as the Bonifacio Global City (BGC), Clark International Airport, and Subic-Clark-Tarlac Expressway (SCTEX), among others.
He said his proposed amendments are “crucial to maintaining investor confidence and facilitating the implementation of long-term infrastructure projects within BCDA economic zones.”
Last year, BCDA officials sought the support of the Senate, particularly Cayetano, for needed amendments to the BCDA charter.
“BCDA’s contribution to the country has just started. With more challenges and opportunities, BCDA needs its charter to keep up with the needs of the country,” BCDA President and Chief Executive Officer Joshua “Jake” Bingcang said on September 21, 2023.
In 2019, Cayetano worked closely with the BCDA when he led the Philippine Southeast Asian Games Organizing Committee (PHISGOC) during the 30th Southeast Asian Games held in the country.
“Naranasan ko po nang personal na makatrabaho ang BCDA at tiwalang-tiwala ako sa kanilang kakayahan,” he said.
The BCDA charter amendment is set to be presented and discussed in the ongoing Senate session. With the support of development corporations and key agencies such as the Department of Science and Technology (DOST) and the University of the Philippines (UP), it is expected to contribute significantly to the country’s development.
