STATE-OWNED Bases Conversion and Development Authority (BCDA) has so far remitted a total of P185.46 million to Baguio City Government as part of its share from the lease rentals of the John Hay Special Economic Zone.
Of this amount, P85.466 million was released to the Baguio City Government and the remaining P100 million was remitted on behalf of the City Government to the Government Security Insurance System (GSIS) as partial payment for the Baguio Convention Center.
It would be recalled that in 2004, the BCDA and the City Government represented by then BCDA President Rufo Colayco and Baguio City Mayor Bernardo Vergara, signed a contract making BCDA responsible for financing the acquisition of the P250 million Baguio Convention Center for the city.
The 10,000 square meters property includes the Baguio Convention Center building and its facilities, the lot where the building stands, and the adjoining parking lot.
The funds to be used by the City Government for the purchase of the P250-million property will come from the 25 percent share it receives from BCDA from the lease rentals BCDA collects from Camp John Hay Development Corporation (CJHDevCo), the developer of Camp John Hay.
BCDA is committed to remit to the GSIS the remaining balance from the actual collections it receives from the CHJDevco until the Baguio Convention Center property is fully paid. (Dexter A. See)