The Market Monitor Minding the Nation's Business
By Jinky Jorgio
The Provincial Government of Tarlac fully supports Senate Bill No. 2647, which aims to extend the term and expand the capabilities of the Bases Conversion and Development Authority (BCDA), as it will generate quality jobs and boost economic growth and inclusive development.
Tarlac Vice Governor Carlito S. David said the Sangguniang Panlalawigan of Tarlac passed Resolution No. 289-2024 in July, declaring strong support for the Senate bill.
“Whereas, the Bases Conversion and Development Authority (BCDA) was created to be a prime mover of national development by transforming former military bases and properties into premier centers of economic growth, thereby creating sustainable urban communities aimed to uplift the lives of Filipinos,” the provincial board stated in the resolution.
They also stated that the Provincial Government of Tarlac and the BCDA have been active partners in the promotion of long-term infrastructure development projects within New Clark City.
New Clark City is a 9,450-hectare mixed-use property being developed by BCDA located in the municipalities of Capas and Bamban in Tarlac.
Planned to become the country’s first green, smart, and sustainable city, New Clark City will be home to about one million residents and will provide an estimated 600,000 job opportunities to Filipinos.
David said the whole of Tarlac is truly thankful to BCDA for developing New Clark City, which has already generated economic activities that helped transform the lives of its constituents.
Senate Bill No. 2647 seeks to amend Republic Act 7227 to extend BCDA’s corporate term for efficient continuity of its functions; mobilize residential and affordable housing developments; support pension funds of the Armed Forces of the Philippines; and further promote local and foreign investor confidence;
The provincial board also asserted that “the Provincial Government of Tarlac is one with the thrust of the national government’s socioeconomic agenda towards the establishment of dynamic business centers and sustainable communities, thereby revitalizing industries, generating quality jobs and boosting economic growth and inclusive development.”
Earlier, two Senators expressed their strong support for amending the Bases Conversion and Development Act of 1992 citing the positive contributions of the BCDA to the Philippine Economy and will further unlock the potential of its economic zones and enable government-owned and controlled corporation (GOCC) to contribute more to the national coffers.
Sen. Alan Peter Cayetano last week sponsored Senate Bill No. 2647 under Committee Report No. 250, titled “An Act Strengthening the Bases Conversion and Development Authority” to amend the Bases Conversion and Development Act of 1992.
Cayetano highlighted the BCDA’s track record in developing well-planned economic zones – like the Bonifacio Global City in Taguig, Newport City in Pasay, Clark Freeport Zone in Pampanga, Poro Point in La Union, John Hay Special Economic Zone in Baguio, Bataan Technology Park in Bataan, and New Clark City in Tarlac – which continue to drive economic growth and generate job opportunities for the Filipino people.
“If we develop [the] Bulacan and Clark economic zones correctly, it could really be a twin-engine of development in our country, and it could really pull the massive urbanization out of Metro Manila and spur development in Central Luzon…Iba po sa BCDA. I see the ‘Bases,’ I see the ‘Conversion,’ I see the ‘Authority,’ and I really do see the ‘Development,” said Cayetano.
Currently, the BCDA is implementing the expansion of the Clark International Airport, developments of Clark Central Business District in Pampanga and Bonifacio Capital District in Taguig, full transformation of New Clark City, as well as the seaport modernization in Poro Point, among others.
Meanwhile, Sen. Mark Villar, chair of the Senate Committee on Government Corporations and Public Enterprises and co-sponsor of Senate Bill No. 2647, also took to the Senate floor the major contributions of BCDA to the national coffers, Armed Forces of the Philippines (AFP) Modernization Program, as well as job generation and economic development in different parts of the country.
From May 1993 to March 2024, BCDA saw its total contribution to the AFP Modernization Program and replication of military facilities equate to P62.64 billion. Of the total contribution, P51.53 billion went to the AFP Modernization Program while the remaining was for the replication of military facilities.
“As we recognize these accomplishments of BCDA over the years, we must fully support the amendments to the BCDA Law to further strengthen its mandate and expand its reach… Help me help the ordinary Filipinos uplift their standards of living by pushing for these amendments for BCDA and each Filipino who will be at the receiving end of the benefits of the proposed changes,” Villar said in his speech.
To date, around 400,000 have been employed across the developments of BCDA in Tarlac, Pampanga, Baguio, La Union, Bataan, and Taguig.
BCDA expects jobs to reach over one million upon the full development of the economic zones it owns and operates.
The bill once passed into law, will extend BCDA’s corporate term for another 50 years from its current remaining corporate life of 19 years.
“The extension of its term also bolsters BCDA to enforce existing contracts spanning decades and beyond its current corporate life… It provides a clear signal to the private sector and international investors that BCDA will continue to be a dependable long-term partner in enforcing contractual obligations,” Villar added.
The bill also aims to declare 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. This will mobilize residential and affordable housing development in BCDA economic zones, providing workers the convenience and opportunity to own a property that they can pass down to their children or family members.