State-run Bases Conversion and Development Authority on Friday affirmed the legality of its joint venture with MTD Capital Berhad for the construction of sports facilities in New Clark City in response to comments issued by the Commission on Audit.
BCDA said the project is supported by the Asian Development Bank, which provided transaction advisory services “to ensure transparency and swiftness of the project.”
It is cited by the legal opinion of the Office of the Government Corporate Counsel, which said the BCDA was well within legal and corporate charter to undertake the project through a joint venture based on BCDA’s guidelines and subject to a competitive Swiss Challenge.
“Considering that the legal, financial and technical aspects of the project should be taken as a whole, it is our opinion that the choice of modality or legal framework of the project is part of the business prerogative of the BCDA in pursuance of its statutory mandate to develop and accelerate the sound and balanced conversion of Clark military reservations and its extensions,” the OGCC said.
