Issue of October 23, 2011
     
NEWS
Abra
Benguet
Kalinga
Mt. Province
 
OPINION
 

102nd Baguio Day Anniversary Issue
 
Other Links:
P507 M deal at CJH to fuel investments
by Dexter A. See

The restructured agreement between the Bases Conversion and Development Authority (BCDA) and the Camp John Hay Development Corporation (CJHDevCO), the lease of the 246-hectare CJH special economic zone, regarding the latter’s unpaid lease rentals amounting to approximately 507 million will help attract the influx of more investments to the city, Mayor Mauricio Domogan said Thursday.

Finalizing the restructured agreement will put to rest the never ending controversy regarding the failure of both parties to comply with their respective obligations under a memorandum of agreement entered into between BCDA and Fil-Estate Penta Capital sometime in October 1997 that caused the developer to incur multi-billion pesos worth debt on its unpaid lease rentals for the development of the CJH special economic zone.

Domogan said the restructured agreement will be beneficial to the city because more investors will be enticed to do business in the undeveloped portions of the identified special economic zone.

He added that the local government will also be entitled to a higher share from the taxes to be paid by the multi-national locators who plan to conduct business in the CJH area.

Because of previous problems brought about by the non-issuance of government development permits on time and the opposition to the development of the former American rest and recreation center, Domogan admitted that the winning developer was not able to immediately put in place the desired development to convert the economic zone into a world-class tourism facility until the global financial crisis caught up with them.

Under the BCDA and CJHDevCo 50-year lease agreement, the city government is entitled to receive 25 percent out of the agreed lease rentals for the development of the special economic zone being the host local government, except for the fees to be paid by developers and businesses in the putting up of their respective businesses within the area identified for development. Domogan said that the finalized restructuring agreement is a welcome development for the local government considering that numerous investments in CJH were put on hold after the global financial crisis truck the country aggravated by the unsettled dispute between BCDA and the developers primarily over the differences in the computation of the supposed lease rentals to be paid to the coffers of the government.


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Baguio Country Club
Department of Tourism – CAR
GRAB
Informatics
University of Baguio
Venus Parkview Hotel

Congressman Mark O. Go
Department of Health – CAR
Kings College of the Philippines
Lepanto Consolidated Mining Company
Mayor Mauricio G. Domogan
Narda’s Handwoven Arts & Crafts Inc.
Philex Mining Corporation
Pines City Colleges
Province of Benguet
Sangguniang Panlungsod
SiTEL
SM City Baguio
Social Security System

Assumption Medical Diagnostic Center
Baguio Center Mall
Baguio Central University
Baguio Heart and Lung Diagnostic Center Inc.
Baguio Memorial Chapels Incorporated
Baguio Water District
BDO
Bureau of Fisheries and Aquatic Resources – CAR
C & Triple A Supermart
Congressman Ronald M. Cosalan
Curamed Pharmacy
Data Center College of the Philippines of Baguio City Inc.
Department of Agriculture – CAR
Department of Environment and Natural Resources – CAR
Department of Trade and Industry – CAR
Department of Transportation – CAR
Easter College Incorporated
Fabulo Beauty and Image Salon
Fast East Pacific Commercial
Filipino–Japanese Friendship Association of Northern Luzon, Inc.
GMS Technology
Immigration Network Services, Inc.
La Funeraria Paz, Inc.
Maybank
Mayor Romeo K. Salda
MMS Development Training Center Corporation
Mother Earth Deli Basket
National Economic & Development Authority–CAR
NIIT
Overseas Workers Welfare Administration
Philippine Science High School – CARC
R.A. Gapuz Review Center
Regional Tripartite Wages and Productivity Board – CAR
Solibao – Ganza Restaurant
STI
Technical Education and Skills Development Authority

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