SEEKING to address constraints that hinder further development of lands hosting former foreign military bases since their ouster in 1972, Senator Alan Peter Cayetano has filed a bill aimed at further empowering the Bases Conversion and Development Authority (BCDA) in its mission to transform such bases into vibrant economic...
SEEKING to address constraints that hinder further development of lands hosting former foreign military bases since their ouster in 1972, Senator Alan Peter Cayetano has filed a bill aimed at further empowering the Bases Conversion and Development Authority in its mission to transform such bases into vibrant economic zones that benefit both the economy and the people.
Among the key amendments to the bill is the extension of BCDA’s corporate term by another 50 years; increasing the authorized capital stock from P100 billion to P200 billion; declaring a certain percentage of the land area of each BCDA economic zone as alienable and disposable, authorizing its sale for residential use, mixed use, industrial and institutional purposes; and remitting a portion of net proceeds from land sales to the AFP Pension Fund.
Last year, BCDA officials sought the Senate’s support, particularly Cayetano’s, for needed amendments to their charter.
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