Olongapo SubicBay BatangGapo Newscenter

Saturday, March 17, 2007

BCDA invests P300M for PAF support facilities

By Ma. Elisa P. Osorio - The Philippine Star

The Bases Conversion and Development Authority (BCDA) has invested nearly P300 million for the construction of building structures and support facilities for the Philippine Air Force.

In an interview, BCDA president retired Gen. Narciso Abaya said most of the facilities have already been completed while the remaining are nearing completion.

Among the completed facilities include six dormitories expected to house 1,000 Air Force personnel. Other structures are the officers, nurses and doctors’ quarters, Air Force offices and other support facilities.

Abaya said the BCDA is required to replicate structures and facilities of the military base as part of conditions when it took over 25 hectares of the Villamor Air Base in Pasay for disposition.

He said the replicated structures will boost both the morale and welfare of the Air Force personnel. "The enlisted men will directly benefit more than the officers on these replicated structures and support facilities."

For Villamor Air Base alone, Abaya said his office has identified a total of P624 million worth of structures to be replicated.

Meanwhile, BCDA vice president for business development Aileen Zosa said the former Air Force property is currently being developed with the help of Megaworld Corp.

Dubbed Newport City, the project will be composed of commercial, residential and recreational areas including a convention center, sports complex, airport hotel and service apartment.

In 2003, Megaworld won the contract to develop Villamor Air Base on a joint venture and sale mode under Phase 2 of BCDA’s Asset Disposition Program. The outright sale of some sections of the property will be completed in three years, while BCDA and Megaworld will undertake a joint venture agreement for the development of the remaining portions for 25 years.

The property is envisioned to be another premier residential, leisure, commercial and institutional address that will offer the best lifestyle amenities to the discriminating Filipino family.

The present value of total revenues to BCDA after 25 years is approximately P1.7 billion. The amount is already inclusive of the present value of total cash flows to BCDA amounting to P798.1 million plus the replication and relocation cost of Philippine Air Force facilities and community facilities amounting to P889.3 million. This value is apart from Megaworld’s investment commitment of P200 million, which covers the development cost of structures.

Labels: ,


Post a Comment

<< Home


This is a joint private blog of volunteers from Subic Bay. It is being maintained primarily to collate articles that may be of importance to decision making related to the future of Subic Bay and as a source of reference material to construct the history of Subic Bay.

The articles herein posted remains the sole property of original authors and publications which has full credits to the articles.

Disclaimer: Readers should conduct their own research and due diligence before using any article herein posted for whatever intended purpose it may be. This private web log will not be liable for any loss or damage caused by a reader's reliance on information obtained from volunteers of this private blog.

www.subicbay.ph, http://olongapo-subic.com, http://sangunian.com, http://olongapo-ph.com, http://oictv.com, http://brgy-ph.com, http://subicbay-news.com, http://batanggapo.com 16 January 2012