BCDA remits P185-M to Baguio City government

By Dexter A. See

BAGUIO CITY - The state-owned Bases Conversion and Development Authority has remitted a total of P185.46 million to the Baguio City government as part of its share from the lease rentals of the John Hay Special Economic Zone.

Of this amount, P85.466 million was released to the Baguio government. The remaining P100 million was remitted by the BCDA on behalf of the city government, to the Government Security Insurance System (GSIS) as partial payment for the Baguio Convention Center.

In 2004, the BCDA and the city government represented by then BCDA president Rufo Colayco and then mayor Bernardo Vergara, signed a contract where BCDA will finance the acquisition of the P250 million Baguio Convention Center for the city government.

The 10,000 sqm property, includes the Baguio Convention Center building and its facilities, the lot where the building stands, and the adjoining parking lot.

The funds to be used by the city government for the purchase of the P250 million property will come from the twenty-five percent share it receives from BCDA from the lease rentals BCDA collects from Camp John Hay Development Corporation (CJHDevCo), the developer of Camp John Hay.

BCDA is committed to remit to the GSIS the remaining balance from the actual collections it receives from the CHJDevco until the Baguio Convention Center property is fully paid.