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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BUSINESS
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Media holds tourism summit

High–rise buildings to address housing backlog, says CREBA

ERC told Abreco overcharged members with more than P22 M

Greenhouse operation trng set to help farmers

Fishing contest held at Burnham

Containerization of LU port readies Beng’t to int’l trade

Firm’s environmental program gets int’l trade recognition


PWU Baguio
Technical Education & Skills Development Authority – CAR
University of Baguio

Baguio Central University
Baguio Country Club
Benguet Electric Cooperative Inc.
Bureau of Fisheries and Aquatic Resources – CAR
Congressman Ronald M. Cosalan
Department of Health – CAR
Grab
John Hay Management Corporation
National Grid Corporation of the Philippines
New Media Services
Pag–IBIG Fund
Pines City Colleges
Sangguniang Panlungsod
SiTEL

ABC360
Assumption Medical Diagnostic Center
Baguio Center Mall
Baguio Water District
Choobi Choobi
Congressman Mark O. Go
Councilor Leandro B. Yangot Jr.
Curamed Pharmacy
Department of Environment and Natural Resources – CAR
Department of Public Works and Highways – CAR
Department of Science and Technology
Fabulo Beauty and Image Salon
Far East Pacific Commercial
Filipino–Japanese Foundation of Northern Luzon, Inc.
Ganza & Solibao Restaurants
Gen. Benjie B. Magalong
GMS Technology
Governor Crescencio C. Pacalso
Maybank
Mayor Mauricio G. Domogan
Mayor Romeo K. Salda
Mother Earth Deli Basket
Nagomi Spa
Narda’s / Sunflower Ridge
NIIT
Northern Luzon School for the Visually Impaired, Inc.
Our Lady of Mt. Carmel Montessori, Inc.
Philex Mining Corporation
Police Regional Office – CAR
Regional Development Council – CAR and National Economic and Development Authority – CAR
Regional Tripartate Wages and Productivity Board – CAR
SN Aboitiz
Tony Boy Tabora
Veterans Bank

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