PNA file photo
MANILA – The measure strengthening the Bases Conversion and Development Authority (BCDA) by extending its corporate life for another 50 years hurdled second reading at the House of Representatives on Tuesday.
During the plenary session, the chamber approved through voice voting House Bill 8505, which aims to ensure continuity of the mandates and services of the BCDA, which is considered as one of the prime movers of big-ticket projects of the government.
Former President and Pampanga 2nd District Representative Gloria Macapagal Arroyo, author of the bill, said BCDA has demonstrated its ability to successfully convert and develop former military camps into premier business districts, such as the Bonifacio Global City, Newport City and McKinley Hill, 30 years after the passage of Republic Act 7227.
"This bill seeks to affirm BCDA's mandate as a developer, an economic zone authority, the holding company of its subsidiaries, owner of the properties transferred to it by the state, and BCDA's power to promulgate rules," she said.
Aside from extending BCDA's corporate life, the bill seeks to increase the authorized capital of the government-owned and controlled corporation from PHP100 billion to PHP400 billion, which may be fully subscribed by the Republic of the Philippines and funded either in cash or property.
The bill provides that residential and mixed-use lands identified by BCDA in its Master Development Plan for the economic zones shall be declared alienable and disposable, provided that the area to be classified as such shall not be more than 5 percent of the total land area of each economic zone.
It shall also authorize the BCDA to sell the aforementioned lands and the proceeds shall accrue to the agency.
The BCDA shall submit to the Office of the President periodic updates on the disposition of the subject lands, it added. (PNA)
