BCDA to entice foreign firms to invest in Taguig property

The Bases Conversion and Development Authority will try to lure foreign firms to participate in the  open competitive bidding for a 33-hectare property in Taguig City that the BCDA manages. In order to do this, the BCDA will publish the notice of bidding in international newspapers starting Dec. 21 this year. The bidding is scheduled for the middle of February. "This move will generate the best value for the property,'' BCDA president and chief executive Arnel Paciano Casanova said, adding the property has been hosting the Bonifacio Naval Station, Philippine Marine Corps, and Army Support Command in Taguig City. The BCDA is optimistic about enticing foreign investors based on the response Casanova received during a presentation at the recently-concluded 2012 World Free Zone Convention in London. “The response was overwhelming, there were a number of interested investors who expressed their interest on how they could replicate what we did," said Casanova. Among the interested parties was Egypt's Minister for Investment Osama Saleh who expressed his keen interest in the Philippines' success in the conversion of former US military bases into freeports and economic zones. BCDA manages a total of five prime properties which include the Clark Special Economic and Freeport Zone, John Hay Special Economic Zone, Poro Point Freeport Zone, Morong Special Economic Zone and a minority stake in Bonifacio Global City. — DVM, GMA News