The Bases Conversion and Development Authority (BCDA) has defended its multibillion-peso contract with a Malaysian conglomerate to put up sports facilities for the upcoming Southeast Asian (SEA) Games, amid allegations that the deal had left the Philippines at the losing end of the bargain.
In a statement on Friday, the BCDA said the joint venture agreement it entered with MTD Capital Berhad was “advantageous” to the Philippines, just as another controversy looms over the SEA Games.
What began with an allegedly overpriced cauldron has now involved an entire athletic stadium and an aquatic center, after online news outlet Rappler claimed that the Office of the Government Corporate Council has been questioning the merits of the P11-billion deal.
The article said the Philippines is at the losing end of the deal, since the BCDA will be paying the company more than the actual loan.—ROY STEPHEN CANIVEL