Economic activities in the country as well as the modernization of the Armed Forces of the Philippines get a shot in the arm as the bicameral committee has approved the amendments to the Bases Conversion Law or RA 7227.
Bases Conversion Development Authority President Joshua Bingeing has confirmed this latest development on the bill that has been supported by business, military and defense, as well as the government sector.
The amendments, once signed into law by President Marcos, is seen to boost investment opportunities in some former military bases while at the same time support the AFP Modernization Program
Investors in BCDA-run Economic Zones and Freeports like Clark will now have more options as the amendments will declare portions as alienable and disposable. This allows for flexibility for property developers who invest multibillion peso inside selected former baselands.
The proposal to convert portions of BCDA economic and freeport zones (Clark, John Hay, Poro Point, and Bataan Technology Park) from leasehold to freehold status is a strategic move aimed at unlocking new opportunities in the residential market.
Under the planned amendments, the breakdown for alienable and disposable properties are:
- 10% of the total land area of each economic and freeport zone to be allocated as follows:
- 5% for Residential and Residential Mixed-Use
- 5% for Institutional and Industrial Purposes
- Additional 5% as A&D for residential, residential mixed-use, institutional, and industrial purposes considering market demand and economic conditions upon approval by the Office of the President.
The amendments also call for extension of the current corporate term of BCDA for another 30 years after 2042. On the other hand the Authorized Capital of BCDA will also be increased from ₱100 billion to ₱200 billion.
