The Senate has approved on third and final reading Senate Bill No. 2647, which seeks to amend the Bases Conversion and Development Authority (BCDA) Charter, expanding its powers to boost economic growth and infrastructure development.
One of the key provisions of the bill allows full ownership of properties designated for residential, mixed-use, institutional, and industrial purposes in key economic zones such as Clark Freeport, Camp John Hay, Bataan Technology Park, and Poro Point Freeport Zone. Lawmakers believe this will attract more investors and maximize the economic potential of these areas.
The bill also grants a 30-year extension to BCDA’s corporate term, ensuring its continued role in managing state assets and reinvesting proceeds into major infrastructure projects, including roads, airports, and commercial hubs.
Senators backing the measure emphasized the need for a stronger BCDA to sustain economic development. They noted that extending its mandate will provide long-term stability in planning and executing government projects within economic zones.
The proposed amendments align with the government’s broader strategy to enhance public-private partnerships and drive investments in special economic zones. With greater flexibility in property ownership and development, BCDA is expected to generate more revenues for reinvestment in critical infrastructure.
Business leaders and stakeholders have expressed optimism about the bill’s passage, citing its potential to streamline processes, attract more investments, and improve land use efficiency in BCDA-managed areas.
With the measure now passed in the Senate, it will be transmitted to the House of Representatives for deliberation. If enacted into law, it is expected to significantly contribute to the Philippines’ economic competitiveness and sustainable development.