Developers support new 50-year corporate term for BCDA

Major property developers are supporting the proposed amendments to Republic Act 7227, which would extend the Bases Conversion and Development Authority's (BCDA) corporate term and allow for the conversion of certain economic zone lands.

Filinvest Land Inc., Ayala Corp., Megaworld Corp., and Hann Development Corp. submitted letters of support for House Bill 8505 and Senate Bill 2647, citing BCDA's successful track record in economic development.

Filinvest Land is the developer of Filinvest New Clark City and Filinvest Mimosa , while Ayala Corp. worked with BCDA on projects like Bonifacio Global City and Ayala Land Technohub.

Megaworld, a unit of the Alliance Global Group, said extending BCDA's term and converting leasehold lands to freehold would make its ecozones more attractive to investors. Megaworld is known for its developments in McKinley Hill, Uptown Bonifacio, and Newport City.

Ayala Corp. President and CEO Cezar Consing said extending BCDA's term and converting a portion of its economic zones to alienable and disposable lands would create more economic and social impact.

Hann Development Corp., the developer of Hann Casino Resort and Hann Reserve, also expressed support for the bill. Hann Chairman and CEO Dae Sik Han stressed the importance of project continuity and stability for sustained economic growth.

Both Senate Bill 2647 and House Bill 8505 aim to extend BCDA's corporate term by 50 years and allow for the sale of certain economic zone lands for residential, mixed-use, industrial, and institutional purposes. House Bill 8505 was approved on third reading.