The Bases Conversion and Development Authority (BCDA) expressed strong support for Senate Bill No. 2647 to amend its charter and unlock the full potential of the former military bases.
“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,” said BCDA president and chief executive Joshua Bingcang.
“More importantly, we seek to empower the workforce that drives the success of these business hubs by allocating a portion of our land for residential purposes. We are extremely grateful to Senator Cayetano, Senator Estrada and Senator Tolentino for filing Senate Bill 2647, which will help us achieve these goals,” he said.
The bill, introduced by Senators Alan Peter Cayetano, Jose Estrada and Francis Tolentino, aims to significantly transform BCDA economic zones like Clark, John Hay and Poro Point by designating a portion of land within the zones for residential development addressing the current lack of housing options for workers and aims to promote homeownership opportunities.
Another proposal is the provision of funds generated from land sales for infrastructure projects within the zones aimed at improving overall functionality and attract further investments and the designation of a portion of land sale proceeds to beef up the Armed Forces of the Philippines pension fund.
The bill also espouses the extension of the corporate functions of the BCDA for another 50 years to pursue more game-changing projects, continuously improve the infrastructure in its economic zones and generate more job opportunities for Filipinos.
It will also assure businesses and locators planning to invest or expand their operations of continued support from the state-owned company.
Cayetano said the amendments are crucial for maintaining investor confidence and facilitating long-term infrastructure projects within the zones.