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Property giants back BCDA charter amendments
October 16, 2024
|The Philippine Star
Real estate developers are backing bills seeking to amend the charter of the Bases Conversion and Development Authority (BCDA) and extend the state-run firm's corporate term for it to continue its role in driving economic growth and job creation.
Property firms and locators of BCDA economic zones such as Filinvest Land Inc. (FLI), Ayala Corp., Megaworld Corp. and Hann Development Corp. (HDC) have expressed support for House Bill (HB) 8505 and Senate Bill (SB) 2647 through their letters to the state-run firm.
SB 2647 seeks to extend the BCDA's corporate term by another 50 years from its current remaining corporate life of 18 years.
In addition, it seeks to declare a certain percentage of the land area of each BCDA ecozone as alienable and disposable to allow its sale for residential use, mixed use, industrial and institutional purposes.
HB 8505, the counterpart measure at the House of Representatives, was approved on third and final reading in August last year.
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