CLARK FREEPORT --- Officials of the Bases Conversion and Development Authority (BCDA) have asked the Senate to support a bill seeking for the extension the agency's charter.
The BCDA officials made the move after Congress passed House Bill 8505 which seeks to amend Republic Act 7227 or the Bases Development Act of 1992.
The BCDA leadership sought the support of the Senate of the Philippines for the passage of its counterpart measure in the Upper Chamber during last Friday's public hearing of the Senate Committee on Government Corporations and Public Enterprises headed by its Chairperson, Senator Alan Peter Cayetano.
"BCDA's contribution to the country has just started. With more challenges and opportunities, BCDA needs its charter to keep up with the needs of the country," BCDA President and Chief Executive Officer Joshua "Jake" Bingcang said.
"We can help continue in building a stronger and more credible military force, building smart and inclusive communities through a stronger organization," added Bingcang as he presented the House-approved version of the bill.
The proposed amendments to the bill include the extension of BCDA's corporate term to another 50 years; increase the authorized capital stock from Php100 billion to Php400 billion; and declare 5% of the land area of each BCDA economic zone as alienable and disposable, and authorize its sale for residential use. (RGN)