BCDA turns down Camp John Hay’s offer
MANILA, Philippines –The state-run Bases Conversion and Development Authority (BCDA) has no intention of taking up an offer by Camp John Hay’s developer to stay for another 40 years in the former American rest and recreation center, an official said on Monday.
BCDA president Arnel Paciano Casanova told Radyo Inquirer 990AM that their understanding of the Camp John Hay Development Corporation’s (CJHDevco) offer was that the latter wanted its P3 billion debt to be written off, something that he said was unacceptable to the government.
“Hindi kami makakapayag diyan dahil sa utang. Hindi na makatarungan na makikipagsosyo pa at palalawigin pa ang pagtigil nila diyan,” he said.
Casanova, who revealed the developer’s alleged failure to pay its debts after 1997, said the BCDA also saw a pattern in CJHDevco’s restructuring to avoid paying its debts.
“Naka-tatlong restructuring sila at nakita namin ang pattern ng hindi nila pagbabayad. Hindi naging tapat sa pagtalima sa obligasyon sa gobyerno (ang CJHDevco),” he said.
The CJHDevco, he said, also refused to show its account books and has allegedly failed to show its audited financial statements to the Securities and Exchange Commission (SEC) since 2002.
Casanova said that 25 percent of the rent that the government could have received from CJHDevco would have been given to Baguio City and municipalities in the Cordilleras.
“Simple and hiling ng gobyerno. Ito ay ang bayaran ang P3 billion na utang at tumupad (ang CJHDevco) sa mga pangako nila. Subalit wala talagang intensyon at nagbago na sila ng pananalita, ngayon sinasabi nilang wala silang utang,” he said.
By terminating its lease of agreement with CJHDevco, Casanova said , the government would be able to reap whatever revenue it could acquire from the recreation center.
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