Senators Alan Peter Cayetano and Mark Villar support the amendments to the Bases Conversion and Development Act of 1992, emphasizing the significant economic contributions of the Bases Conversion and Development Authority (BCDA) to the country.
Cayetano sponsored Senate Bill No. 2647 on Sept. 11, 2024, aiming to strengthen the BCDA’s successful development of economic zones across the country.
“If we develop [the] Bulacan and Clark economic zones correctly, it could really be a twin engine of development in our country, and it could really pull the massive urbanization out of Metro Manila and spur development in Central Luzon,” Cayetano said.
Villar, who is the chair of the Senate committee on government corporations and public enterprises, also highlighted the BCDA’s substantial contributions to the national treasury, the Armed Forces of the Philippines Modernization Program and job creation.
The proposed amendments aim to extend the BCDA’s corporate term for another 50 years and declare a portion of land in each BCDA economic zone as alienable and disposable, facilitating residential and affordable housing development.
The bill also proposes to increase the authorized capital stock of the BCDA and grant it the authority to issue bonds, which would provide the agency with additional resources to fund its development projects.
It also proposes to simplify the requirements for the disposition of lands and to grant the BCDA greater flexibility in entering into joint venture agreements.
The changes are expected to expedite the development of BCDA properties and attract more investments.
