Building the Future: Why Real Estate Giants Are Rallying Behind BCDA's New Legislation

COURTESY: Bases Conversion and Development Authority (BCDA)

Hey there, fellow dreamers and doers! If you've ever wondered what the buzz is all about in the world of real estate development, especially in the Philippines, then grab a cup of coffee and settle in. Today, we're diving deep into why some of the biggest names in the industry are all for the proposed amendments to Republic Act 7227. Spoiler alert: it's all about driving sustainable growth, attracting investments, and creating jobs!

When heavyweights like Filinvest Land Inc. (FLI), Ayala Corp., Megaworld Corp., and Hann Development Corp. (HDC) throw their weight behind something, you know it's a big deal. These real estate developers and locators in various economic zones of the Bases Conversion and Development Authority (BCDA) are rallying behind House Bill 8505 and Senate Bill 2647. Why, you ask? Because they believe these amendments will fuel economic growth and transform former military bases into thriving economic hubs.

Filinvest, for instance, sees the BCDA as a "key progress catalyst" in Central Luzon. With developments like the 288-hectare Filinvest New Clark City and the 201-hectare Filinvest Mimosa+ in their portfolio, they understand the importance of a steadfast partner in building townships and business hubs. They argue that an extended BCDA will inspire investor confidence and boost the nation's economy.

Ayala Corp.'s partnership with BCDA has already resulted in thriving developments like Bonifacio Global City in Taguig. They're not just building structures; they're building communities and creating jobs. Ayala's President and CEO, Cezar P. Consing, is all for extending BCDA's corporate term for another 50 years. This extension, they believe, is crucial for continuing to transform economic zones into bustling urban centers.

Furthermore, Ayala supports the conversion of some BCDA lands into alienable and disposable properties. This move could unlock immense potential for economic and social impact, turning former military bases into productive developments. Imagine the possibilities when you convert underutilized lands into vibrant, mixed-use spaces!

Megaworld has a track record of transforming BCDA partnerships into economic powerhouses like McKinley Hill, Uptown Bonifacio, and Newport City. Kevin Andrew L. Tan, CEO of Alliance Global Group Inc., Megaworld's parent company, sees the potential for even greater benefits with the proposed extension of BCDA's term. This extension isn't just about time; it's about creating dynamic townships that attract investors and foster local economies.

The transition from leasehold to freehold in some ecozones could be a game-changer. Imagine the allure of a freehold residential component in these areas—more dynamic, sustainable, and competitive as investment destinations. It's like turning a rental into a forever home, and that's a big deal for investors!

Hann Development Corp. is all about project continuity. As the developer behind Clark's first fully integrated development, Hann Casino Resort, and the luxurious Hann Reserve in New Clark City, they understand the importance of stability. Extending BCDA's term is vital for seeing long-term initiatives through to completion. It provides the confidence needed for partners to invest in big projects.

Dae Sik Han, Hann's Chairman and CEO, emphasizes that this stability is crucial for sustained economic growth. It's not just about today; it's about laying the groundwork for tomorrow. When partners like Hann Development feel confident, it means more jobs, more growth, and more opportunities for everyone.

In a nutshell, the proposed amendments to Republic Act 7227 are more than just legislative tweaks. They're a blueprint for the future. By supporting these changes, real estate developers are not just backing a bill; they're supporting a vision of sustainable growth, economic development, and job creation for Filipinos.

So, whether you're a budding entrepreneur, an investor looking for new opportunities, or just someone who cares about the future of urban development in the Philippines, keep an eye on BCDA and these proposed amendments. The future is bright, and it's being built today!