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C o n t e n t s01 MessageofthePresidentoftheRepublicofthePhilippines
02 MessageoftheChairman
04 MessageofthePresidentandChiefExecutiveOfficer
06 TheSubic-Clark-TarlacExpressway:TheBackboneofaNewEconomicCorridor
16 RisingAboveChallengesintheEcozones
24 MaximizingYieldsThroughPrudentAssetManagement
30 BeyondDevelopment:ANurturingandHelpingHand
32 FinancialReport
36 BoardofDirectors
38 ManagementDirectory
39 DirectoryofSubsidiariesandAffiliates
C o v e r S t o r y
2008 is the banner year of the Subic-Clark-Tarlac
Expressway (SCTEX). The 94-kilometer toll road’s
completion and eventual opening for full commercial
operations allow for a faster, convenient and more
efficient transport of people, goods and services to and
from Central and Northern Luzon–thereby boosting
business, trade and employment opportunities in the
region. The BCDA, which spearheaded construction
of the SCTEX, envisioned the country’s newest tollway
as the launch pad for Central Luzon’s unprecedented
economic take-off anchored on the development of a
logistics and commercial hub in the Asia-Pacific rim.
Cover photo by Mr. Hideyuki Takeda, KOJM Program Manager
MessageofHerExcellencyGloriaMacapagal-ArroyoPresident,RepublicofthePhilippines
IwarmlycongratulatethemenandwomenoftheBasesConversionandDevelopmentAuthorityforyourremarkableachievementsin2008,whicharehighlightedinyourAnnualReportwiththetheme,`̀SCTEX:APromiseDelivered.”
Indeed,itisheartwarmingtonotethattheBCDAhascompletedontimetheadministration’sflagshipSubic-Clark-TarlacExpressway,aconcreteembodimentofourcommitmenttospeeduptheeconomicdevelopmentofCentralLuzonandimprovethequalityoflifeandwell-beingofthepeopleintheregionandnearbyenvirons.
TheBCDAalsodeservesourhighestcommendationforitssteadyanddedicatedpursuittofurtherdeveloptheformerUSmilitarybasessothattheyieldsandbenefitsthatwecanderivefromthemwillbeusednotonlyforthemodernizationoftheArmedForcesofthePhilippinesbutalsoforthewelfareoftheentireFilipinopeople.
IwishtheBCDAallthebestthisyearandintheyearstocome.Mabuhay!
GLORIAMACAPAGAL-ARROYO
B C D A A n n u a l R e p o r t 0 8�
Message of the Chairman
TheBasesConversionandDevelopmentAuthority,onceagain,turnsanotherleafwithanotherfulfillingyearthatis2008.IamwonttodescribethisyearfortheagencyastheyearwhentheorganizationhasclearlymetamorphosedfromitsconversiontaskstothemoresophisticatedfieldofdevelopmentinwhichtheBCDAisprovingitselfamajorrevelation. Whilethisannualreportfocusesonourbiggestflagshipprojecttodate,thelandmarkSubic-Clark-TarlacExpressway,thereareamyriadotherdevelopmentsthatareequallynoteworthyanddeservingofprominentmention.
Theseincludeourassetdispositionprogramfortheso-calledExpandedBigDeltaLotsattheBonifacioGlobalCity,themajorupgradingoftheSanFernandoAirportatthePoroPointSpecialEconomicZone,thedevelopmentexpansionintheClarkSpecialEconomicZone,therenewedinvestmentvigorinCampJohnHay,tonameafew.
Theexpressway’senvisionedroleasacatalystfortheeconomicdevelopmentofCentralLuzonandnearbyenvironshasshownconcreteresultsduringitsinitialmonthsofoperations,andthemenandwomenoftheBCDArightfullydeservecreditfordeliveringthisimportantproject.
B C D A A n n u a l R e p o r t 0 8 �
Individually,thesedevelopmentsdon’tseemtobeextraordinarilyspecial.Butwhenoneconsidersthatalltheseeventstranspiredwithinacalendaryear,undertheaegisofasinglegovernmentagencythatisonly16yearsinexistence,thereisgoodreasonforustopauseandponderdeeper.
TheBCDAisagovernmentagencythatcannowbebenchmarkedwiththebestintheprivatesectorintermsofdeliveringbig-ticketprojectsontime.
Yes,wehaveundertakenthesewide-ranging,encompassingtasks,throughsheerdedication,discipline,andahugedoseofconfidenceinthecapabilityandcompetenceofthemenandwomenintheorganization.
What,Ibelieve,weachievedin2008goesbeyondtheusualnumbersandstatistics,whichonewouldfindinampleservingsinthisreport.BeyondthenumbersisthefactthattheBCDAhasdeliveredcrucialresultsduringacriticaljunctureinthenation’shistory,whentheworldisreelingfromadebilitatingfinancialturmoil.
Wecouldhavefaltered,andaddedtothenation’sburdenofsoaringunemploymentandeconomicdisplacement.Wecouldhavegivencriticsamplecanonfoddertosnipeandmagnifyourfailures,andthusweakenthefoundationsofastrongrepublicthatwearepainstakinglytryingtocobbletogether.
Instead,wezealouslyguardedwhatwehaveslowlybuiltthroughouttheyears,andensuredthatwecontinuetocontributetothearduoustaskofnation-building,sothatbytheendoftheyear,weareagainabletorealizefruitfulconcreteresultswithwhichfuturegenerationscouldcontinuetobuildon.
WhattheBCDAachievedin2008istoenhancethevalueofitspastaccomplishments,tocontinueprovidingemployment,tocontinuecreatingbusiness
opportunities,tosustainmodestcontributionstotheAFPModernizationProgram,andtoputinplacethecriticalinfrastructureforthefurtherdevelopmentnotonlyofBCDA’surbanholdingsbutitscountrysideassetsaswell.
But,makenomistakeaboutit:Significanthurdlesremainaheadofus.Therearepocketsofunderdevelopmentthatneedtobeaddressedatthesoonestpossibletime.Therearenewfrontiers,newterritoriesthatmustbeopenedup.Moreopportunitiesneedtobecreated,ifwearetokeepabreastofafastchangingandverydauntingglobaleconomicorder.
Clearly,wecannotrestonourlaurels.Yet,comingfromafruitfulanddefiningyear,weareemboldened,andourresolvestrengthenedtofacemorechallengesaswesailontomoreunchartedwaters.
AsChairman,IamgratefulfortheopportunitytosteerthecorporateshipthatisBCDA,knowingthatveryablehandsarewithmeonboard.
ALOYSIUSR.SANTOSChairman
B C D A A n n u a l R e p o r t 0 8�
Message of the Presidentand Chief Executive Officer
Thereismuchtolookbacktoin2008fortheBasesConversionandDevelopmentAuthority(BCDA),andIcanconfidentlysaythatthisyearwillstandoutasamongtheagency’smostproductiveandsignificantperiodstodate,especiallybecauseitsawthecompletionofourflagshipproject,theSubic-Clark-TarlacExpressway(SCTEX).
Inthelargerschemeofthings,2008willalwaysbemarkedastheyearwhentheglobalfinancialmarketswentonadangeroustailspinthatneededtheconcertedeffortsofallcountriesintheworldtocontain.Aswewritethisreport,muchfinancialuncertaintieshavetakenovertheworld—furtherdestabilizingcurrenciesandcausingeconomiestobeinastandstill;withmajorplayersbidingone’stimeforeventstoruntheircourse.
BCDA,however,playeditdifferentlyandassuch,stooddeterminedtodeliveronitsmandates.
Wepouredourresourcesintocompletingthe93.7-kmSCTEX,whichstartedcommercialoperationsinthefirstsemester;wecontinuedtodrawinvestorstoourspecialeconomiczonesinCentralandNorthernLuzon;wewereabletodisposeofsomeofourprimeassetsinFortBonifacio;wesucceededinrestartingthedevelopmentofCampJohnHay,tonameafewofourachievementsduringtheyear.
WiththeSCTEXfinallycompletedanddelivered,weshallnowfocusourenergiesonotherequallyimportantundertakings.Wehaveprovenourcapabilityasanorganizationtodelivernotjustpromisesbutalsoourmandate.Weareinfactreadyforthebiggerchallengesthatlieahead.
B C D A A n n u a l R e p o r t 0 8 �
SuchsignificantgainshaveproventhattheBCDAremainstobeacatalystfornationaldevelopment—successfullydeliveringonitspromiseofinfrastructuredevelopment—inlinewithPresidentArroyo’s10-pointactionagenda.WiththecompletionoftheSCTEX,othernationalpriorities—suchasthecreationofsuperregionsunderthegovernment’sLuzonUrbanBeltwayprogram,hasteningdevelopmentoutsideanddecongestingMetroManila,thegenerationofemploymentopportunitiesandtheestablishmentoftheSubic-Clarkcorridorasaninternationalservicesandlogisticshub—havebecomeevenmoreattainable.Admittedly,ourfinancialperformancein2008isclearlyimpactedbythehugeappreciationoftheyenvis-à-visthepeso,whichresultedinforeignexchangelossesforus,especiallysincetheSCTEXwasfinancedinbulkbyaloanfromtheJapanBankforInternationalCooperation.Butthisshouldonlybefortheshortterm,becauseweexpecttheprojecttostartcontributingtoBCDA’sbottomlinenowthatitisfullyoperational.
Despitethecrisis,totalgrossoperatingrevenuesgeneratedbyBCDAin2008amountedtoPhp1.494billion,anincreaseof60percentcomparedtothepreviousyear’sPhp935million.Incomefromjointventureoperationswhichmakeup70percentoftotalrevenuesreachedPhp1.05billion,anincreaseofPhp646millionfromthePhp404millionin2007.Further,revenuesfromtheSCTEXtollcollectionalsostartedoffthisyearwithPhp155million.Alongwiththe2.032billionproceeds(inclusiveofcreditablewithholdingtax)fromthedispositionofFortBonifaciolotsandgrossproceedsfromtheFBDCjointventureworthPhp1.481billion,BCDAgrossrevenuesin2008reachedmorethanPhp5billion.
OuroperatingexpensesofPhp1.442billionis32percenthigherthanlastyear’sPhp1.091billion,asMaintenanceandOtherOperatingExpensesrosefromPhp969millionin2007toPhp1.284billion.AmongtheMOOE,substantialvariationsarepostedfordonationsandsubsidiesmainlyduetoincreasedcontributionstothemodernizationoftheArmedForcesofthePhilippines(AFP),whileSCTEXoperationsandmaintenancesetoffthisyearwithPhp230million.
Still,withPhp1.494billioninoperatingrevenuesasagainstPhp1.442billioninoperatingexpenses,BCDAregisteredanetincomefromoperationsof
Php52.5million,aturnaroundfromlastyear’sPhp156millionnetloss.However,asmentionedearlier,theconsiderableappreciationoftheyenresultedtoaforeignexchangepaperlossofPhp6.598billion,andweendedtheyearwithaPhp6.173billioninnetloss.
Despitethesuddeneconomicdownturn,ourAssetDispositionProgramcontinueditshealthycontributiontothenationalcoffers,specificallytotheAFPModernizationProgram.GrossdispositionproceedswereupbyalmostPhp5billion—thebulkofwhich,Php2.032billion,inclusiveofcreditablewithholdingtax,camefromthesaleofourassets.Thisbringsourtotalgrossdispositionproceedssince1993toalmostPhp41billion,andoutofthistotal,Php16.63billionhasgonetotheAFP.Cumulatively,theprivatizationanddispositionofFortBonifaciohavebroughtaboutmassiveinvestmentsinrealestateandconstruction.The2.6million-squaremetersofgrossfloorarea(GFA)resultingfromverticaldevelopmentsuntil2012intheBonifacioGlobalCityalonewillhaverealizedinvestmentsofaboutPhp78billion,byconservativeestimates.Thesedonotasyetincludeinvestmentsarisingfromthe50-hectareMcKinleyHillareaestimatedatPhp38billion;the25-hectareNewportCityprojectedatPhp35billion;and,the43-hectareNorthBonifacioarea.
TheseinvestmentsinFortBonifacioandVillamorAirBasehasenabledthecreationofatleast25,000jobopportunities.
Itmayhavebeenaroughyear,butwehaveallthereasonstobeproudoftheagency’saccomplishmentsin2008.WiththeSCTEXfinallycompletedanddelivered,weshallnowfocusourenergiesonotherequallyimportantundertakings.Wehaveprovenourcapabilityasanorganizationtodeliverpromisesandfulfillourmandates.Weareinfactreadyforthebiggerchallengesthatlieahead.
TothemenandwomenofBCDA,andtoourstakeholders:Congratulationsforajobwelldone!
GENNARCISOLABAYA(RET)PresidentandChiefExecutiveOfficer
B C D A A n n u a l R e p o r t 0 8�
The Subic-Clark-Tarlac Expressway:
The Backbone of a New Economic Corridor
TheBasesConversionandDevelopmentAuthorityin2008accomplishedwhatnootheragencyhasprobablydoneinrecentmemory:Successfullydeliveritsflagshipproject,theSubic-Clark-TarlacExpressway,rightonschedule.
BreakinggroundonApril4,2005,the93.77-kilometerworld-classtollroadstartedcommercialoperationsonApril28,2008,afeatthateasilystandsoutamongthemanyachievementsofBCDAinits16-yearhistory.
TheearlycompletionoftheSCTEXshowcasesthefirmpoliticalwillanddeterminationofPresidentArroyo’sadministrationtotransformtheSubic-Clarkcorridorintoaworld-classlogisticshubfortheAsia-Pacificregion.
TheSCTEXcompletionalsobooststhecountry’sstandingintheeyesofforeignfundinginstitutionsliketheJapanBankforInternationalCooperation,whichfinancedbulkoftheflagshipprojectthatnowprovidesaseamlesslinkbetweentheSubicBayFreeportZoneandtheClarkSpecialEconomicZone.
Judgingbythenumberofsatisfiedmotoristsandtravelerswhohaveexperiencedtraversingtheworld-classtollroadin2008,theSCTEXmayyetprovetobeoneoftheArroyoadministration’smostdurableandlastinglegaciestotheFilipinopeople.
B C D A A n n u a l R e p o r t 0 8 7
The early completion of the
SCTEX showcases the firm
political will and determination
of President Arroyo’s
administration to transform
the Subic-Clark corridor into a
world-class logistics hub for the
Asia-Pacific region.
B C D A A n n u a l R e p o r t 0 8�
SCTEX Timeline
March18,2005ContractsigningwithJapanesecontractorsKajima-Obayashi-JFEEngineering-MitsubishiHeavyIndustriesCo.Ltd(KOJM)forPackage1(Subic-Clarksegment)andHazama-Taisei-NipponSteel(HTN),forPackage2(Clark-Tarlac)
April4,2005Groundbreakingceremony
April21,2005Startofconstruction
June11,2007SigningoftheTollOperationAgreement(TOA)betweenBCDAandtheTollRegulatoryBoard
March18,2008PresidentGloriaMacapagal-ArroyoleadsthefreeHolyweekdryrunfromMarch18-24,2008forthe50.5-kilometerSubic-ClarksegmentoftheSCTEX,dubbed“Handog ni Pangulong Gloria: Libreng Biyahe sa SCTEX.”
April5,2008TheseconddryrunfromApril5to9,2008fortheSubic-ClarksegmentwasPresidentGloriaMacapagal-Arroyo’sgifttothepublicontheoccasionofherbirthday.
April9,2008TheTollRegulatoryBoardapprovesaPhp2perkilometertollforthenewlyconstructed93.77-kilometerSCTEX.
April18,2008The`̀94KWeekend”heldonApril18-20,2008broughttogetherathletes,bikersandcarenthusiaststotestthenewhighway.
April21,2008DryrunoftheClark-Tarlacsegment
April28,2008TheSubic-Clarksegmentopensforcommercialoperations.
July24,2008TheBCDAlaunchesthe“GreeningSCTEXProgram”thataimstoplant50,000treesalongthe93.77-kilometertollroadinfiveyears.
July25,2008TheClark-Tarlacsegmentopenssignalingthefulloperationsoftheentire93.77-kilometertollroad.
December23,2008TheClarkNorthInterchangeopensforcommercialoperations.
B C D A A n n u a l R e p o r t 0 810
Athletes,bikersandcarenthusiastsputtotestthenewhighwayinanatmosphereoffunandexcitementfromApril18to20forthehistoricpre-inauguralopeningrites.
Dubbedthe94KWeekend,sincetheexpresswaymeasuresnearly94kilometers,thethree-dayeventbroughttogethernotonlyathletesbutalsothecountry’smostdistinguishedbusinessleadersandcelebritiesforaweekendofrunning,bikinganddriving.BCDApartneredwithClarkDevelopmentCorporationandSubicBayMetropolitanAuthorityforthisevent.
ActivitiesincludedthefirstLuzonMotorcycleFederationInc.’s(LMFI)PhilippineInternational
MotorcycleExhibitandConvention,theTourdeSCTEXLinked:ARaceforProgress,andawallclimbingexhibition.
Therewasalsothe94KDriveand94KRide,apartnershipbetweenBCDAandBMWPhilippineswheredrivingenthusiastswereallowedtotestthe100kphspeedlimitofthetollroadonboardthemostluxurioussportscarsandbigbikes.
Therewasthe10-kilometerFunRunthatletfamiliesexperiencethesmoothasphaltoftheSCTEX,whileaspiringmarathonrunnerstestedtheirmettleinthe42-kilometerlong-distanceendurancemarathon.
Theaffairs’highlightwasthe94KTorchRelayonApril19,whenguestrunnerscomingfromSubicandTarlacnegotiatedportionsoftheentireSubic-Clark-TarlacExpresswaythatculminatedattheClarkFreeportZone,wheretheSCTEXpyrewaslightedbyBCDAChairmanAloysiusSantosandPresidentandCEONarcisoAbayatosymbolizeabetterfuturenotonlyforCentralLuzonbuttheentirenationaswell.
Fortheweekend’sgrandfinale,BCDApartneredwithR.O.X.and10PinoyUltraRunnersina“runforlife”94KUltraMarathonthatbenefitedcancerpatientsaroundthecountry.
ThemarathoncoveredtheentirelengthoftheSCTEXfromTarlactoSubic,withtherunnersstartingintheafternoonofApril19inTarlac,endingthegrueling15-hourchallengethenextdayattheTipoInterchangeinZambales.ThePinoyUltrarunnershavethedistincthonorofbeingtheonlyoneswhohavedonethesaidfeat.
Andrew Tan of Megaworld
Pinoy Ultra Marathon Runners
BGen Robert Gervacio leading the SCTEX delegation
Hiroshi Togo of the Japan Bank for International Cooperation
Tollways Management Corporation delegation
Tri-athlete Denise Weldon
B C D A A n n u a l R e p o r t 0 8 11
Leica Carpo of thePhilippine Daily Inquirer
(L - R) SCTEX Program Manager for Operational Support Robert Gervacio, SBMA Administrator Armand Arreza, BCDA Chairman Aloysius Santos, JBIC Chief Representative Hiroshi Togo, BCDA President & CEO Narciso Abaya, BCDA General Counsel Arnel Casanova, CIAC President Victor Luciano, and Presidential Assistant forCentral Luzon Lorelei Fajardo
Andreas Beihler of BMW Philippines
B C D A A n n u a l R e p o r t 0 8 1�
Aeta Community representatives
Butch Jimenez of PLDT Nina Herrera-Huang of Runners for Others
Clark Investors and Locators Association delegation
Gov. Enrique Garcia of Bataan
Raul Ignacio of the Manila North Tollways Corp.
B C D A A n n u a l R e p o r t 0 8 1�
Congresswoman Herminia Roman of the First District of Bataan
Fernando Zobel de Ayala
BCDA President and CEO Narciso Abaya and BCDA Chairman Aloysius Santos lead the symbolic lighting of the SCTEX Pyre. Looking on is Presidential Assistant for Central Luzon Lorelei Fajardo.
B C D A A n n u a l R e p o r t 0 81�
Speedy, Comfortable Travel Via A World-Class ExpresswayGivingthepublicafirsttasteofSCTEX,theBCDAallowedmotoristsafreeHolyWeektrialruninvolvingtheSubic-ClarksegmentstartingonHolyTuesday,March18,withthesoftopeninggracedbyPresidentGloriaMacapagal-Arroyo.
Onthefirstday,atotalof2,356Class1and2vehiclesusedthe50.5-kilometerportionoftheSCTEXfromtheClarkFreeportinAngelesCity,PampangatotheSubicFreeportinZambales.Thedryrun,dubbed“HandogniPangulongGloria:LibrengBiyahesaSCTEX”,lasteduntilMarch24,theMondayafterEaster,whenmostmotoristsreturnedtothecity.
ThejointventureofFirstPhilippineHoldingsCorporation(FPHC),EgisRoadOperation(ERO)andTollwaysManagementCorporation(TMC),SCTEX’sinterimoperator,recorded50,130vehiclesenteringtheSCTEXfromMarch19to24–avalidationofBCDA’sprojectionsofanurgentneedforadirectandfasterroutebetweenSubicandClark.
Lessthantwoweekslater,theBCDAonceagainallowed,forfree,eagermotoristsonthebrand-newtollroadfromApril5to9asPresidentArroyo’sbirthdaygifttoholidaymotorists.
Clark-TarlacTestRun
Ridingonthemomentumofthetwosuccessfuldryruns,BCDAimmediatelyfollowedwithasuccessfultestrunontheClark-TarlacsegmentonApril21,againwithPresidentArroyoontheleadculminatingintheinspectionoftheongoingworksattheClarkSouthInterchangeoftheSCTEX.
TheClarkSouthInterchangeisoneofthreeadditionalinterchangestotheoriginalSCTEXdesign.ItwillserveastheentryandexitpointfromSCTEXtothebustlingClarkFreeportZoneandAngelesCity.
GlobalGatewaysCaravan
AcoupleofdaysbeforetheSCTEXopenedtocommercialtraffic,theexpresswayservedasthemainroutefortheGlobalGatewaysCaravanonApril26whichhighlightedtheexcitinganddiversetouristdestinationsofCentralLuzon.
Some200vehiclesjoinedthecaravanthatstartedattheLuisitaMallComplexinTarlacCity,proceedingtotheSubicBayBoardwalkandexitingattheClarkFreeportZonewheretheparticipantstouredandenjoyedtherecreationalandtourismfacilitiesoftheFreeportzones.
SCTEXbeginscommercialoperations
Atexactly12:01p.m.onApril28,thefirstmotoristboundforSubicpassedthroughtheMabalacatTollPlazainPampanga,heraldingthestartofcommercialoperationsofthecountry’slongesttollroadinitsSubic-Clarkstretch.
Earlier,SecretaryPamintuan,onbehalfofPresidentArroyo,deliveredthekeynoteaddressattheTollOperationsCenterfollowingtheremarksofBCDAPresidentNarcisoAbaya,JapaneseAmbassadortothePhilippinesMakotoKatsuraandJapanBankforInternationalCooperation(JBIC)ChiefRepresentativeHiroshiTogo.
AmbassadorKatsuraprovidedregionalperspectivetotheroleofSCTEXinmaximizingthepotentialoftheSubicandClarkFreeports.Forhispart,JBIC’sTogocitedtheSCTEXasalastingsymbolofPhilippine-Japanfriendshipandcooperation,withmorethan200Japaneseengineersdeployedforthelandmarkproject.
OpeningtollrateswereatPhp2perkilometerforClass1vehiclesasapprovedbytheTollRegulatoryBoard.TraveltimefromSubictoClarkispeggedat40minutes.
B C D A A n n u a l R e p o r t 0 8 1�
OpeningoftheClark-TarlacSegment
HailedasthebackboneofCentralLuzon’sneweconomiccorridor,theBCDAformallyopenedtheremaining32-kilometerstretchoftheClark-TarlacsegmentonJuly25,signalingthestartoffullcommercialoperationsandofficiallymakingtheSCTEXthecountry’slongesttollhighway.
Providingthefastestroutetothecountry’snorthernprovinces,motoristsfromManilaarefinallyabletousetheSCTEXviaaseamlessconnectionfromtheNorthLuzonExpressway(NLEX)todestinationsinTarlac,Cabanatuan,LaUnion,Pangasinan,BaguioCityandIlocos.ThedrivefromtheMabalacatInterchangetoTarlacCityisreducedto25minutes.
ClarkNorthInterchangeopenstopublicTheClarkNorthInterchangeandthe3.8-kilometerPandayPiraRoadwereopenedtovehiculartrafficonDecember23atexactly6a.m.Withitscompletion,onlythreeSCTEXinterchangesremaintobeopened:TheClarkSouthInterchangeneartheYokohamamanufacturingfacilityinClark,andthoseinPoracandFloridablancatowns,allinPampanga.Withthecompletionofthenewinterchangesin2009,nearbytownswillhavedirectaccesstotheSCTEX.
Bringing the good news tolightSidebysidewiththeagency’snumerousdevelopmentpursuitsin2008,theBCDAembarkedonacomprehensiveandwide-reachingmarketingandinformationcampaigntohighlightthemanygoodnewsabouttheSCTEX.
Attheforefrontofthesecorporateinitiativesisthetravelingexhibitdubbedas,`̀ BCDA:15YearsattheForefrontofDevelopment:CreatingNewEnginesofGrowth,”theexhibitcelebratedtheagency’sstrongpartnershipwithlocalgovernmentunitsandtheprivatesectoringeneratingbusinessopportunities,jobsandeconomicdevelopment—withtheSCTEXasitscenterpiece.
ThecorporateexhibitmadetheroundsofsixshoppingmallsinMetroManila,CentralLuzonandNorthernLuzon,namely,Market!Market!inBonifacioGlobalCity,GloriettainMakati,TrinomainQuezonCity,SMCityClarkandSMCitySanFernandoinPampangaandSMCityBaguio.
Further,theBCDAinvitedselectgroupsofjournalistsandinformationofficersfromvariousgovernmentagenciestofamiliarizationtoursofthenewtollroadandtouristspotsinCentralandNorthernLuzon.Dubbed`̀TheJourneyandtheDestination,”thefamiliarizationtoursalsobroughtmembersofthemediaforafirsthandviewofrecentdevelopmentsinBCDA-affiliatedeconomiczonesthatweremostlyformerUSmilitaryfacilities.EmployeesofBCDAanditssubsidiarieswerealsobroughttotheprojectsiteforafamiliarizationandappreciationtouroftheSCTEX.
Avision-sharingworkshopwasalsoconductedbyBCDAincooperationwiththeDepartmentofTourismandthePhilippineTourismAuthorityforkeyplayersinthetourismindustryinRegion3.CapitalizingontheopeningoftheSCTEX,theparticipantsfromgovernmentandprivatesectorcameupwithideasandplansonhowtofurtheraccelerategrowthofthePhilippinetourismindustry,particularlyinCentralLuzon.
ItwaspointedoutthatcrucialinfrastructuressuchastheSCTEX,therefurbishedDiosdadoMacapagalInternationalAirport(DMIA)inClarkandtheNorthLuzonExpresswayhavemadeCentralLuzonwell-positionedtoprovideviableinter-regionaltourpackagesandefficientlinkstotouristdestinationsinthenorth.Theparticipantsagreedtoimplementamoreaggresivepromotionalcampaignanchoredonthesedevelopments.
B C D A A n n u a l R e p o r t 0 81�
Rising Above Challenges in the
EcozonesWhiletheglobaleconomicslowdowncausedmassivejobdislocationsinmanyadvancedeconomies,thespecialeconomiczonesunderthewingsoftheBasesConversionandDevelopmentAuthority(BCDA)escapedtheturmoilrelativelyunscathed,andsomeevenpostedmodestgainsintermsofbothrevenuesandnumberoflocators.
Moreimportantly,theClarkFreeportZoneinPampanga,theCampJohnHaySpecialEconomicZoneinBaguioCity,thePoroPointFreeportZoneinLaUnion,andtheBataanTechnologyParkinMorong,areabletomaintaintheirworkforcelevelsin2008,significantlycontributingtothestabilizationofthelocaleconomyinthefaceofthefinancialcrisis.
Theseeconomiczones/freeports,afterall,enjoydistinctanduniquefeaturesasinvestmentlocationsthatarehardtomatch.And,withthegovernmentbentonmatching,orevensurpassing,theincentivesbeingofferedbyourAsianneighbors,itisjustamatteroftimewhentheseeconomicdynamosrealizetheirfullpotentialsnotonlyascentersofeconomicgrowthbutalsoofhumanandsocialdevelopment.
Clark Special Economic Zone
Theyear2008openedauspiciousenoughfortheClarkFreeportZonewhen,onJanuary29,PresidentGloriaMacapagal-ArroyodeclaredtheDiosdadoMacapagalInternationalAirport(DMIA)asthecountry’spremierinternationalairportandnotjustasadevelopmentalroute.
Inlinewiththispronouncement,theClarkInternationalAirportCorporation(CIAC),whichhasbeendesignatedtodevelopandoperatetheClarkCivilAviationComplex(CCAC),wasrestoredasadirectsubsidiaryoftheBCDAonApril3byvirtueofExecutiveOrderNo.716(EO716).ThismovetotransfertheCIACunderthewingsoftheBCDAfromtheClarkDevelopmentCorporation(CDC)wasmeanttoensurethatthedevelopmentoftheCCACisalignedwiththeover-allconversionprogramofBCDA.ItisalsomeanttoclarifythefunctionsanddelineatethejurisdictionoftheCDCandCIAC,respectively,inordertocreatesynergybetweenthetwocorporationsinvolvedinthedevelopmentofthe4,400-hectareClarkComplex.
Assuch,BCDAeffectivelybecameresponsiblefortheDMIA,whichPresidentArroyohasenvisionedasthecountry’snextpremiergateway.
B C D A A n n u a l R e p o r t 0 8 17
With the government bent
on matching, or even
surpassing, the incentives
being offered by our Asian
neighbors, it is just a
matter of time when these
economic dynamos realize
their full potentials not only
as centers of economic
growth but also of human
and social development.
B C D A A n n u a l R e p o r t 0 81�
DMIA,APremierGateway
TheBCDA,throughtheCIAC,beganexpansionofthePassengerTerminalBuildingoftheDMIAtoenabletheairporttoaccommodatetwomillionpassengersannuallyfromitspresentonemillionpassengercapacity.TheprojectwasinauguratedbyPresidentGloriaMacapagal-ArroyoonApril4,2008,adayaftershesignedEO716.TheDMIA,livinguptoitsbillingasthecountry’spremiergateway,continuestohostaninfluxofdomesticandforeigntravelers,withpassengerarrivalsonboardinternationalflightsrecordedat245,241,upslightlyfromarrivalfiguresin2007of241,954,withthenumberofdepartinginternationalpassengersat245,507.
CIACrecordsshowdomesticandinternationalflightsareup40percentoverthepreviousyear.Domesticairlines,SeairandCebuPacific,service16flightsperweektotwoprovincesinthePhilippines(CebuandCaticlan).Internationalcarriers,ontheotherhand,servicesevenAsia-Pacificdestinations,namely:Singapore,Hongkong,Macau,Bangkok,KotaKinabalu,KualaLumpur,andIncheon.CebuPacific,whichhasestablisheditshubinDMIA,hasbeenservicing21internationalflightsperweeksinceOctober.
Thetotalnumberofflightsinyear2008was5,263flights,representing2,623passengerflightsand2,640cargoflights.TheDMIAhadanaverageof14flightsperdayinyear2008.
Further,internationalpassengertrafficincreasedby0.2percentcomparedtotherecordedpassengersin2007.TotaltouristarrivalsintheClarkFreeportZonewerethusdramaticallyupby26.31percent,from614,542in2007to776,254visitorsin2008.Asidefromdomesticandinternationalairportarrivals(265,241),thenumberoftouristsswelledbasedonattendanceineducationaltoursandevents(148,000)androomoccupancies(363,000).Totalcargotonnagefor2008was130,585tons,a1.5percentincreasedmarkedoverthepreviousyear.
CIAC’soperationsfortheyearyieldedatotalofPhp278.82millioninrevenues,bulkofwhichcomesfromtollandterminalfees,check-incounterfees,concessionairefees,adspacerentals,leaserentals,securityfeesandparkingfees,accountingformorethan66percent,orPhp183.1million.Anothersignificantcontributorarelandingandparkingfeesforaircraftusingthefacility,amountingtoPhp90.88millionor33percentoftotalrevenues.
SustainedInvestorInterestTheeconomicdynamothatistheClarkFreeportZonecontinuestochurnoutbignumbers,whichishardlysurprisingconsideringthemoderninfrastructurefacilitiesalreadyinplaceintheformerUSmilitaryfacility,andcomplementedbycontinuingdevelopmentsandtheopeningofthestrategicSubic-Clark-TarlacExpressway(SCTEX)duringtheyear.
WiththesustainedinvestorinterestintheClarkFreeportZone,employmentjumped11.11percentin2008,withatotalof
B C D A A n n u a l R e p o r t 0 8 1�
57,790jobsgeneratedcomparedto52,010theyearbefore.ThiscanbeattributedtotheincreaseinexportandimportreceiptsintheFreeport—withexportsreaching$949.95million,up7.40percentcomparedtothe$884.46millionfigurein2007,whileimportsrose4.88percentto$927.61millionfrom$832.16millionayearago.ThebiggestexportersfromtheFreeportin2008wereNanoxPhilippineswith$412.47millionandYokohamaTire(Phils.)Inc.,with$222.19million.
AsignificantshiftisdetectedintheinvestmentmixinClarkduringtheyear,followingtheoverallpatterninthenationaleconomy,whichhasseenarobusttourismsector.OutofthePhp13.11billionintotalinvestmentcommitmentsin2008,thebulkofPhp9.45billioncamefromtourisminvestmentsthataremostlynewanddirectleasesintheFreeport.
ThesustainedeconomicandtourismactivitiesintheFreeportenabledtheClarkDevelopmentCorporation(CDC)toincreaseits2008revenuestoPhp871.72million,up8.78percentcomparedtothepreviousyear’sPhp801.33million.
Correspondingly,taxesremittedtothenationalgovernmentfromtheoperationsoflocatorsinClarkreachedPhp1.85billion,an11.45percenthikecomparedtothePhp1.66billionremittedin2007,makingtheClarkFreeportZoneasignificantcontributortonationaleconomicdevelopment.
ClarkInternationalAirportCorporationNowUnderBCDA
TheClarkInternationalAirportCorporation(CIAC),whichhasbeendesignatedtooperatetheClarkCivilAviationComplex,wasmadeasubsidiaryoftheBCDAbyvirtueofEO716,whichwasissuedbyPresidentArroyoonApril3,2008.
ThemovetotransfertheCIACunderthewingsoftheBCDAfromtheClarkDevelopmentCorporation(CDC)wasmeanttoensurethatthedevelopmentoftheClarkCivilAviationComplex(CCAC)-DMIAisalignedwiththeconversionprogramofBCDA,aswellastoclarifythefunctionsanddelineatethejurisdictionoftheCDCandCIAC,inordertocreatesynergybetweenthetwogovernmentcorporations.Assuch,theBCDAeffectivelybecameresponsiblefortheDiosdadoMacapagalInternationalAirport(DMIA)locatedattheCCAC,whichPresidentArroyohasenvisionedasthecountry’snextpremiergateway.WiththereversionoftheCIACtotheBCDA,theconversionagencyshallbetherecipientofdividendsfromCIAC.
Inlinewiththis,theBCDAthroughtheCIAC,beganexpansionoftheterminal1BuildingoftheDMIAtoenabletheterminaltoaccommodatetwomillionpassengersannuallyfromitspresentonemillionpassengercapacity.TheprojectwasinauguratedbyPresidentGloriaMacapagal-ArroyoonApril4,2008,adayaftershesignedEO716.
AtotalofPhp278.82millioninrevenueswasgeneratedfromCIAC’soperationsfortheyear2008,morethan66percent,orPhp183.1millionofwhichcomesfromtollandterminalfees,check-incounterfees,concessionairefees,adspacerentals,leaserentals,securityfeesandparkingfees.Othersignificantcontributorsarethelandingandparkingfeesforaircraftusingthefacility,amountingtoPhp90.88millionor33percentoftotalrevenues.
StrategicDirections
WithatleastPhp13.11billionintotalinvestmentcommittedbylocatorsin2008,theClarkFreeportZonehasembarkedonalong-termbusinessagendatoextendandexpanditsdevelopment,highlightedbythecompletionofaMasterDevelopmentPlanwhich,inturn,wastheresultofaperfectedagreementtheyearbeforetomanageanadditional10,684hectaresoflandintheClarkSub-Zone.
Amajorlocator,SMClark,startedexpansionactivitiesandsignedaleaseagreementforanadditional5.5hectaresoflandwiththeCDC.Thecompanyplansamixed-usefacilityforoffice,retail,commercial,leisureandentertainmentactivities.SMClarkcommittedaminimumPhp500-millioninvestmentsfortheexpansion.
Beyond2008,CDCwillactivelybuildupfromtheprogressithasmadeinrecentyearstomakedoingbusinessintheClarkFreeportZonemostefficient.TakingadvantageoftheseamlessintegrationofbusinesszonesspurredbytheSubic-Clark-TarlacExpressway(SCTEX),CDCwillcloselyworktogetherwithconcernedLocalGovernmentUnits(LGUs)forthepossibledevelopmentofothereconomiczoneswithintheSCTEXcorridorandthepromotionoftourismattractionsintheirrespectiveareas.
Further,Clarkwillcontinueplayingitsroleascatalystinspurringparalleldevelopmentsinsurroundingcommunities,embarkingonprogramsthatpromoteself-sufficiency.
Texas Instruments Oxford Hotel
�0 B C D A A n n u a l R e p o r t 0 8
John Hay Special Economic Zone
TheCampJohnHaySpecialEconomicZonegotabigboostin2008withtheentryofrealestategiantAyalaLand,Inc.(ALI).ALIhascommittedtobecomeanactiveplayerinthezonethatisexpectedtocontributesignificantlytofurtherenhancingthevalueofthehistoricandscenicproperty.
AyalaLandstartedthedevelopmentofitsBusinessProcessOutsourcing(BPO)CampusatJohnHayinJulyof2008.Theprojectconsistsofsixlow-riseofficebuildingswithsupportingretailandresidentialfacilities,withthearchitecturecomplementingtheCampJohnHay(CJH)ambiance.TheretaildevelopmentisenvisionedtobethenewcommercialdestinationinBaguio.
TheBCDAandCampJohnHayDevelopmentCorporation(CJHDevCo)officiallysignedaRestructuringLeaseAgreementonJuly1,2008,whichobligestheprivatedevelopertocompletethedevelopmentoftourism-relatedfacilitiesinitsleasedareabasedonarevisedprojectimplementationplan.TherestructuredagreementalsoassuresBCDAanannualfixedrentalofPhp150million,ofwhichPhp75millionwillcomefromAyalaLand,Inc.,nowasub-lesseeinCJHDevCo.’sleasearea.
CampJohnHaySpecialEconomicZonesustainedgrowthsinmajorperformanceindicators,includingahealthyincreaseintouristarrivals,employment,andrevenuegeneration.Atthesametime,ecologicalbalanceandprotectionofJohnHay’suniqueenvironmentandforestwatershedareaarecontinuouslybeingmaintained.
TheyearsawemploymentintheCampJohnHaySpecialEconomicZonereach1,510,a5.5percentincreasecomparedtothe1,436jobsregisteredin2007,withabigupsidepotentialoncethereviveddevelopmentplansgofullblast.
OfthetotalemployeesinsidetheSEZin2008,atotalof1,410workerscamefromtheBaguio-LaUnion-Itogon-Sablan-Tuba(BLIST)area,incompliancewiththeBaguioCityresolutionin2004whichmandated,amongothers,thatatleast85percentofworkerstobehiredintheCampJohnHaySpecialEconomicZonemustcomefromtheaforementionedareas.TheBLISTshareofworkershasconsistentlybeenabove90percent.
TouristarrivalsintheJohnHaySpecialEconomicZonelikewiseposteda7.5increaseduringtheyear,reaching119,873fromitsyearagolevelof111,517visitors.ThedataissourcedfromrecordsofthethreehotelsoperatinginsidetheJHSEZ:CampJohnHayManor(107,094guests),Mile-HiInn(4,170guests),andtheAIMIgorotLodge(8,609guests).
BCDA,throughitssubsidiary,theJohnHayManagementCorporation(JHMC),achievedabigincreaseinitsoperatingrevenuesthatreachedPhp18.69million,upmorethan70percentfromPhp10.98millionoflastyear.ThisindicatesahealthyeconomicreboundfortheJHMC,withitsrentalincomereachingPhp11.51million,miscellaneousincomeatPhp5.73million,andincomefromtheeconomiczoneatPhp1.44million.
EnvironmentandForestManagement
JHMCcontinueditsprudentimplementationofenvironmentalpoliciesin2008,focusingoninitiativessuchasthemonitoringofairandwaterqualitywithintheSEZandthesolidandhazardouswastemanagementoflocators.AnothermajorundertakingduringtheyearistheproposedconstructionofasewerlinebyCJHDevCoandthecontinuousbiodiversitymonitoringoftheCampJohnHayReservation.
JHMCalsomaintained,enhancedandfurtherdevelopedtheSEZasawatershedandforesteco-tourismdestination,whichhasbeenthetopdrawofCampJohnHayformorethanahundredyears.Activitiesunderthisinitiativeincludedthemeticulousandregularinspectionofcentury-oldtreestocontrolinfestations,aswellastoassureforestdensitywithinthesprawlingreservation.Stepstopreventforestfireswerelikewiseactivelypursued.
OthernotableJHMCaccomplishmentsin2008include:a)theawardingof15TransferCertificatesofTitletohousingbeneficiariesundertheongoingScoutBarrioHousingProgramwhohavecompletedtherequirementsthatqualifiedthemtotheawardedtitles;and,b)theimprovementoftheCampJohnHayHistoricalCore,anothertoptouristdrawthathasseenasteadystreamofvisitorsthewholeyearround.
Bell House
Intercontinental Hotel Group Call Center
B C D A A n n u a l R e p o r t 0 8 �1
Bataan technology parkReadytosoarwiththetourismboom
TheBataanTechnologyPark(BTP)inMorong,BataanremainsthemostuntappedassetoftheBCDA.ThecontinuingboominthePhilippines’tourismindustrymakesitanidealtargetforpotentialinvestors,andthecompletionin2008oftheSubic-Clark-TarlacExpresswaybodeswellforthisuniquespecialeconomiczone.
TheBTP,likemanyotherinvestmentdestinations,wasseverelyaffectedbytheglobaleconomicslowdownduringtheyear.
TheBataanTechnologyPark,Inc.(BTPI),however,continuestomarkettheproperty’spotentialstoprospectivelocatorswhomayseethevalueoftheareaforeco-tourism,retirementandleisuredevelopments.
The365-hectareproperty,featuringscenicrollinghillsamidstquietandserenegreenerieseverywhere,isnowjustanhalfhourawayfromtheSubicendoftheSCTEX.Thisaccessibility,nottomentionthesizeofthezone,givestheBTPaclearadvantageoncedevelopedintoaleisure,adventureandsportsdestinationhighlysoughtbytouristmarketsinEurope,theUSandAsiaparticularlyJapan,KoreaandTaiwan.
Duringthe2008lull,theBTPIconcentratedincompletingitscomprehensivefive-yearBusinessandLandUseDevelopmentPlanthatfocusesonplanningitsdevelopmentthrust,aswellastherequisitefundingandmarketingaspectsforthezone.
Assuch,theBTPIcontinuestomaintainastrategiccoreofemployeeswhoaretaskedtopreparealltherequirementsandprocesstherequestsofinterestedinvestorsregardingviabletourismenterprisesthatmaybeestablishedintheecozonegiventhegovernment’sprojectionsofacontinuingboominthetourismindustryinthenextfewyears.
Despitethestalledinvestments,theBTPcontinuestoattractlocalandforeigntouriststoitsfacilitiesandsprawlinggroundsthatareperfectforteam-buildingactivities,eco-tourismhikesandotheroutdoorendeavors.Totalnumberofvisitorsin2008totaled6,296,mainlyonthestrengthofpass-on,wordofmouthendorsementofMorongtown’s``bestkeptsecret.”
ThesuccessofAyalaLand’sAnvayaCoveandrecordtouristarrivalsregisteredattheSubicBayFreeportandSpecialEconomicZone,whicharebothadjacentpropertiestotheBataanTechnologyPark,aregoodindicatorsthattheareaisripefortourismandleisureparkdevelopment.
St. Francis of Assisi Chapel
Administrative Building
Freedom Park
BTPI Museum
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Poro Point
ThePoroPointFreeportZonegotitsbiggestboostin2008fromtheupgradingoftheSanFernandoAirporttobeabletoaccommodatebiggeraircraftsandattractmorecommercialflightsaspartofthegovernment’sbidtotransformNorthernLuzonintoasuperregion.
AnotherbigdevelopmentforPoroPointistheunqualifiedsuccessofoneofitsbiggestinvestors,ThunderbirdPilipinasHotelsandResorts,Inc.,whichoperatesthe65.5-hectaretourismcomplexinsidetheformerUSWallaceAirStationthatnowdrawsthousandsofvisitors.Thunderbirdopeneditssprawling,worldclassgolfcourseinMayof2008,withPresidentArroyoasguestofhonor.
Athirdsignificantdevelopment,whichstrengthenedtheFreeport’sbidtobecomeacenterofeconomicactivityinthenorth,isthelaunchinginlate2008oftheTarlac-LaUnionExpressway.ThiswillgivetheFreeportastrategiclinkbylandtoCentralLuzonandtheNationalCapitalRegion,therebygivingnotonlytheFreeportbuttheentireprovinceofLaUnionandtherestofNorthernLuzonacrucial,world-classtollroad.
WorthyInvestments
ThunderbirdPilipinasHotelsandResorts,togetherwithitssistercompanyThunderbirdPoroDevelopmentVentures,Inc.,havepouredinhugeinvestmentstodevelopthetourismcomplexintheFreeport,whichnowboastsofaworld-classhotelanda9-holegolfcourse,amongothers.
In2008,Thunderbirdalsostartedbuildingaswimmingpool,startedexpandingitsentertainmentandleisurecomplex,andcommencedconstructionofthebeachclubasthecompanyforgedaheadwithitsplantomakePoroPointamajortouristhubintheregion.Thefacilitiesareallscheduledforcompletionbythefirstquarterof2009.
SignificantResults
Asaresult,2008sawaninfluxofvisitorstoPoroPoint,registeringalmost66,000localandforeignguests.Employmentlikewisejumpedto1,688fromthepreviousyear’s1,440,withThunderbirdagainleadingthepackwith505employees.Asinpreviousyears,thefiguresdonotincludethethousandsofstevedoresandarrastrepersonnelemployedintheseaportona‘pakyaw’basis.
RevenuesandInvestments
TotalinvestmentsinthePoroPointFreeportZonenowtotalPhp845.22million,thebulkofwhichiscourtesyoftheThunderbirdGroupwithoverPhp730millioninactualinvestments.
TotalrevenuesgeneratedbytheFreeportin2008reachedPhp86.80million,a23.4percentjumpfromtheyearagolevelofPhp70.32million.ThesearemainlyfromrentalsandfromthepercentageofgamingrevenuesfromThunderbird’sentertainmentandleisureoperations.
TaxesremittedtothenationalgovernmentfromPoroPointoperations,includingtaxesandfees,totaledPhp19.56millionin2008.
Thunderbird Resort
B C D A A n n u a l R e p o r t 0 8 ��
Seaport,AirportOperations
TheSanFernandoSeaportinsidetheFreeportZonecontinuestogenerateeconomicactivities,mainlyasatransshipmentpointaswellashandlinginwardandoutwardforeigncargowhich,asearliermentioned,contributestoemploymentgenerationmainlyforthousandsofdockhands.
Commodityimportationviatheseaportwasvaluedat$1.79millionduringtheyear,whilebringinginofimportedarticlesbyPPFZRegisteredEnterpriseswasat$1.12million,withlocalpurchaseamountingtoPhp79.52million.
Theairport,ontheotherhand,continuestohandleincreasingtrafficasaresultoftheupgradingactivities,with17flyingschoolsusingtheairportforcross-countrytrainingflights.Privateandcharteredflightsregister2,172duringtheyear,plusmilitaryandgovernmentaircraft,andsomecommercialflights.
WiththecompletionofthePhp477.934-billionpesoupgradingproject,SouthKorea’stourismandaviationofficialshaveexpressedinterestinutilizingtheSanFernandoAirport,whichcannowaccommodateBoeing737sandAirbus300s.
OfferingOpportunities
WiththescheduledcompletionoftheSanFernandoAirport,thecontinuingdevelopmentofitsbreathtakingseasidetourismcomplex,andthepromiseofaseamlesslandconnectionthroughamodernexpressway,PoroPointisindeedwell-positionedtoofferitssprawlingfacilitiestomoreinvestors,andthePoroPointManagementCorporationhasembarkedonanaggressivemarketingthrusttoluremorelocators.
Twonewsignificantlocators,infact,signedupin2008:LeadingEdgeInternationalAcademy,Inc.,andtheGrandUnionBusinessDevelopmentGroup.Moreareexpectedoncetheairportresumescommercialoperationstobringinnotonlytouristsandinvestorsbutairlinecompaniesandotherrelatedindustriesaswell.
Poro Point Seaport
San Fernando Airport
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Maximizing Yields Through Prudent
Asset Management
Theyear2008startedandendedonamixednoteforrealestateandforBCDA’sAssetDispositionProgram.Comingfromahighlyupbeat2007,theyearstartedoutwithforeignandlocalrealestatedevelopersbullishonthesector.Acceleratingcapitalvaluesspawnedbysuchaggressiveinvestorswerehoweverarrestedbytheglobalfinancialmeltdownwhichmanifestedinthelatterpartoftheyear.
Nonetheless,BCDAregisteredgrossdispositionproceedsofalmostP5billionbyend-2008,realizedprimarilythroughacombinationofprudentassetmanagementandasustainedassetdispositionthrust.TheseenabledBCDAtoreapthebenefitsofharddecisionsandcarefulbusinessjudgmentmadeinthepast,aswellastakeadvantageofopportunitiesinthemarket,howevershort-lived.
B C D A A n n u a l R e p o r t 0 8 ��
BCDA registered gross
disposition proceeds of
almost Php5 billion by
end-2008, realized primarily
through a combination of
prudent asset management
and a sustained asset
disposition thrust.
B C D A A n n u a l R e p o r t 0 8��
BonifacioGlobalCity
SaleofExpandedBigDeltaLots
SaleofExpandedBigDeltaLotsBCDAbidoutandsoldthe12,036sq.m.ExpandedBigDeltaLots(formerlythe“GovernmentCenterforInvestments”Lot)atapriceofPhp168,889.11persq.m.foratotalofPhp2.0327billion.Themixed-usepropertyisstrategicallylocatedintheE-squareAreawherelocatorscanqualifyfortaxandotherincentivesfromthePhilippineEconomicZoneAuthority.
ANoticeofAwardwasissuedtoand,subsequently,aDeedofSalewassignedwiththeunincorporatedjointventureofcompaniesheadedbytheNetGroupofMr.CarlosS.RufinoandMr.JacquesA.Dupasquier.TheNetGroupundertookdetailedplanninganddesignforthepropertyimmediatelyafterthefullpaymentofthepurchasepricelastJuly23,2008.
CumulativeInvestments
Byend-2008,cumulativeinvestmentsinSerendraandMarket!Market!since2004reachedPhp7.273billionandPhp5.187billion,respectively.In2008alone,investmentsinSerendratotaledPhp1.977billion.
TaxespaidamountedtoPhp321.536millionforinputValue-AddedTax(VAT),Php512.013millionforoutputVAT,Php26.973millionforBusinessTaxandPhp331.860millionforCreditableWithholdingTax(CWT).
Ontheotherhand,cumulativeinvestmentsinMcKinleyHillsince2004wereestimatedatPhp14.428billion,withPhp2.886billioninvestedin2008.
McKinleyHillwillsoonshowcasemorethan9,000residentialcondominiumunits,300,000squaremetersofofficespaces,78,000squaremetersofretailspacesandaVenetian-themedretailmall.By2012,investmentsareprojectedtoreachPhp38.475billion.
ReturnsfromInvestmentsinFortBonifacioDevelopmentCorporation
Theyear2008wasoneofthebanneryearsforFortBonifacioDevelopmentCorp.(FBDC),thejointventurebetween
BCDAandBonifacioLandCorporationledbytheconsortiumofALIandEvergreen(otherwiseknownastheCamposGroup),whichisdevelopingtheBonifacioGlobalCity.ReturnsfromFBDCrealizedPhp1.481billioninrevenuesforBCDAintheformofdividendincomeandredemptionofpreferredshares.
DividendincomefromFBDC,cumulatively,hasreachedPhp1.867billionfrom2005to2008.Includingredemptionofpreferredshares,returnsfromFBDCsince2003havereachedPhp2.943billionasofend-2008.
JointVentureandLeaseProceeds
Ontheotherhand,jointventureandleaseproceedsin2008totaledPhp1.049billionandPhp283.415million,respectively.ThesejointventuresareforSerendra,McKinleyHill,NewportCityandPacificPlazaTowers,whileleaseproceedscamefromMarket!Market!andtheInstitutionalArea,amongothers.
Asofend-2008,theleadersinnetdispositionproceedsareMarket!Market!whichhassofarremittedtoBCDAPhp1.525billion,SerendraatPhp1.405billion,McKinleyHillsatPhp1.404billionandNewportCityinVillamoratPhp380million.
Theseactualproceedsdonot,asyet,includesomePhp820millionworthofreplicationprojectsforthePhilippineAirForceandcommunityfacilitiesandschoolsinVillamorAirBasewhichwereadvancedbythedeveloperofNewportCityandchargedtodispositionproceeds.
Serendra
TotalsalesofBCDA-allocatedunitsinSerendraDistricts1&2hitPhp3.027billionoranequivalentof347residentialunitsand60parkingslotsoutofatotalBCDAinventoryofPhp3.752billionoranequivalentof419residentialunitsand239parkingslotsforthefivesellingperiodssinceFebruary2004.Outofthetotalsoldunits,grosscollectionsreachedPhp2.395billion,fromwhichtheadvancesanddevelopmentandmarketingfeeswerededucted.CumulativesellingefficiencyofresidentialunitsallocatedtoBCDAisat84.91percentforSerendraDistrict1and81.54percentforSerendraDistrict2.Forparkingslots,SerendraDistrict1hitasalesachievementof40percentandSerendraDistrict2posted23.74percent.
Prime office and residential spaces at the Bonifacio Global City
The BCDA Board of Directors
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5th Ave.Place
EssensaEast Forbes
RegentParkway ADVL
Fairways Towers
SingaporeChancery
One McKinley Place Hyundai One
GlobalPlace
TrionTower
TheFort Strip
NBCTent
HONDA
TheInfinitySouth
ofMarket
Sere
ndra
Mar
ket!
Mar
ket!
TaguigCivicCenter
STIEveryNation
PNOC-EDC
Departmentof Energy
British School Manila
MGCAcademy
TraceUniversity
MeralcoSubstation
InternationalSchool Manila
Manila JapaneseSchool
SummitSchool
MWSSReservoir
NAPOLCOM(Philippine Public Safety College)
W Tower
HANJIN
BonifacioTriangle
Total Corp.Center 1Saint
MichaelChurch
Metrobank/ Federal Land, Inc. Lots
North Bonifacio Lots
NCBD Lots
NCBD Lots
NCBD Lots
LexusS & R
MC Home Depot
St. Luke’sMedicalCenter
CarPlaza
HSBCNet Cube Net
Quad
NetSquare
NetOne
Parklane
ForbeswoodHeights
FurnitaliaKensington
Bellagio
BonifacioRidge
Grand HamptonBonifacioStopover
BonifacioTechnologyCenter
NetPlaza
5th AvenueRizal Drive
4th
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8th
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ue7th
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oad
14th Drive
32nd Street
34th StreetRizal Drive
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9th
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8th
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10th
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Unive
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Parkw
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NorthBonifacioLots
BasedonthenewmasterdevelopmentplanforNorthBonifacioDistrict,formulatedandagreeduponbyandamongBCDA,Metrobank/FederalLand,Inc.andFBDC,andonthebasisoftheNEDAJointVentureGuidelinesissuedlastMay2,2008,BCDAconditionallyacceptedtheunsolicitedproposalofMegaworldCorporationforthe8.38hectare-NorthBonifacioLots.
Thereafter,BCDAenteredintodetailednegotiationswithMegaworld,verifyingtheproponent’stechnicalandfinancialcapacityaswellaseffectingsomecrucialrevisionstothetechnicalandfinancialparametersforthejointventuredevelopmentoftheNorthBonifacioLots.Whilenegotiationsanddiscussionswereongoing,
theglobalfinancialmeltdownreareditsuglyheadwiththedeclarationofbankruptcyofLehmanBrothersinSeptember2008.NegotiationswereheldinabeyanceasMegaworldrequestedformoretimesoastomonitordevelopmentsintheglobaleconomy.
JUSMAGProperty
OntheheelsofthefinalSupremeCourtrulingonthe35-hectareJUSMAGproperty,BCDAundertookpreparationstorespondtorenewedinterestinthepropertyandcausedthecancellationoftitlesonthepropertyheldbytheSouthsideHomeowner’sAssociation,Inc.,theprivateclaimantwhoseallegedownershipwasnullifiedbytheSupremeCourt.BCDAacquiredtitleto31hectaresoftheJUSMAGpropertyand
Pacific Plaza
Towers
Map of the Bonifacio Global City
B C D A A n n u a l R e p o r t 0 8��
The Bonifacio Global City skyline
appliedforspecialpatentontheremaininguntitledportion,basedonactualgroundsurvey,alsocompletedbyBCDAlastyear.
Thesepreparationspavedthegroundworkforafull-blownmasterandbusinessplanningactivity,notjustfortheJUSMAGpropertybutfortheentire,high-valueBonifacioSouthpropertycovering120hectares.TheJUSMAGproperty,alongwithotherportionsofBonifacioSouth,istargetedfordispositionanddevelopmentby2009.
NCBDLots
Pursuanttothe2007agreementbetweenBCDAandFBDCtojointlydevelopthe8.5hectare-NCBD(NorthernCentralBusinessDistrict)Lots,ajointdevelopmentagreementwasfinalizedforsigning.The8.5hectare-NCBDLotswillcompletethedevelopmentoftheNorthBonifacioDistrictconsistingofthe10.5hectare-Metrobank/FederalLand,Inc.LotsandBCDA’s8.38hectare-NorthBonifacioLots.
ThenewmasterdevelopmentplanforNorthBonifaciowasthreshedoutandfinalizedamongthethreelandownersconcerned.RecognizingtheneedtodevelopthemainthoroughfarecrucialtothesuccessofNorthBonifacioDistrict,BCDAandMetrobank/FederalLand,Inc.agreedtojointlydevelop8thAvenue,otherwiseknownasBonifacioBoulevard.Constructionwasstartedandwasinfullswingin2008.
DetailedengineeringplanswerealsopreparedbyBCDA,FBDCandMetrobank/FederalLand,Inc.fortheconstructionof7thAvenueand9thAvenue,twoofthemainthoroughfaresconnectingtoandcomplementing8thAvenue.FBDCcompletedthedevelopmentanddetailedengineeringplansfortheNCBD,allocatingatleastPhp682.4millionforthedevelopmentofthearea,andstarteddevelopmentin2008.
Foritspart,BCDAcompletedthedetaileddesignandengineeringplanstocompletetheinfrastructureandsite
developmentoftheBCDA-ownedInstitutionalAreaandNorthBonifacioAreaandissettoimplementPhp305millionworthoftheseprojectsin2009.
SigningofthejointdevelopmentagreementfortheNCBDLots,however,wasdeferredfor2009pendingresolutionofcertaintaxissues.
EmploymentGeneration
AlongsideoutstandingachievementsunderBCDA’sADPisthenotableriseinemploymentopportunitieswithMarket!Market!generatingthemostjobsat9,000,Serendrawith6,200,SerendraRetailwith1,900andBonifacioHighStreetwith1,000jobs.
Ontheotherhand,some187,000squaremetersofofficespacehavebeenbuiltatMcKinleyHillwhichcurrentlyhosts7,400employees.
NewportCityinVillamorAirBaseTheyear2008sawthecontinuingclearing,relocationandreplicationofmilitaryandcivilianfacilitiesaffectedbythedevelopmentofNewportCityinVillamorAirBase,witharoundPhp611millionspentoutofabudgetofPhp624.7millionforPhilippineAirForcefacilities.Relocationandreplicationofcommunityfacilitieslikebarangayhalls,daycarecenters,etc.,aswellasthedredgingofMaricabanCreekwascompletedin2008atatotalcostofPhp30.3million.
TherelocationandreplicationofVillamorAirBaseElementarySchoolandPasayCitySouthHighSchoolwerecompletedatatotalcostofPhp173.49million.DiscussionswerestartedfortherelocationandreplicationoftheVillamorDrivingRangeandthePhilippineStateCollegeofAeronautics(PhilSca).
Intotal,almostPhp820millionintheformofreplicatedfacilitieswereadvancedbyMegaworldCorporation,
St. Luke’s Hospital
Bonifacio High Street
B C D A A n n u a l R e p o r t 0 8 ��
NewportCity’sdeveloper,tomakewayforthedevelopmentofandforshowcasingthecountry’snewinternationalgatewayinVillamorAirBase.
NewportCity,rightacrossthenewinternationalpassengerterminal,isemergingasthecountry’spremiereurbanintegratedtourismresortcomplexwithastrongI.T.(informationtechnology)componentandairport-relatedbusinesses.Constructionofthefive-starMarriottHotel,withmorethan300rooms,wasongoingin2008andistargetedforcompletionbyend-2009.
InvestmentsinNewportCity,cumulatively,wereestimatedatPhp17.314billionfrom2003to2008.In2008,investmentsreachedatotalofPhp4.809billion.Ontheotherhand,totalprojectedinvestmentsuntil2012isPhp35.589billion.
Theentryofastrategicinvestor,Malaysia’sGentingBerhadGroup,whichpartneredwithMegaworldtoestablishTravellersInternationalHotelGroup,Inc.,signalstheincubationofmoreinnovativetourismprojectsinNewportCity.Asix-star,luxury,all-suiteshotelwillbedevelopedontopofapremiumentertainmentandleisurecenter.
Complementingthehotelentertainmentandleisurecenterwillbeahigh-endmallandcommercialcenterwithatransparentdome.A1,000-roombudgethotelisalsointheworkstocatertoforeigntravelersandbusinessmen.
Tosupportthesetouristandtravelfacilities,a1,000-seattheaterfortheperformingartsandawholly-integratedacademyandtrainingcenterforemployeesoftheentertainmentandleisurecenter,hotelandrestaurantpersonnel,trainorsandmedicalprofessionalsarealsoplanned.Allthesewillgeneratemuch-neededinvestments,jobsandtechnologytransfer.
By2012,NewportCityisexpectedtogenerate10,000jobs.NewportCityisenvisionedtobethecountry’sfirst24/7leisureandentertainmentcomplex.
Heritage Park
The Venice, McKinley Hill
Serendra
Enderun Colleges
HeritagePark
In2008,BCDAwasabletogeneratePhp34.37millionfromthesaleofBCDA-heldinventoryofHeritageParkInvestmentCertificates(HPICs)representingmemorialproductsinArea2ofTheHeritageParkalongBayaniRoadinTaguigCity.
BCDAexpectstogeneratemorerevenuesfromthisprimememorialparkdevelopmentwiththecompletionofthePavilionTerraces,theNorthTerracesandtheAngel’sTouchColumbariumwhichshallsoonbelaunchedforselling.
ThePavilionTerraces,strategicallylocatedatthebaseofThePavilion,HeritagePark’simposingChinesearchitecture-inspiredcolumbarystructure,arecomprisedofnewinventoriesofvariousmemorialproductssuchasestatelotswhichcanaccommodatemausoleumandabove-groundcrypts,FamilyGardenLotswhichcanaccommodatefourburialplotsand,CompanionGardenlots,designedasside-by-sideburialplots.ThevalueoftheinventoriesatthePavilionTerracesisestimatedatPhp161.2million.
TheNorthTerraces,aptlycalledasitislocatedatthenorthernportionoftheparkneartheman-madelagoon,hassimilarinventoriesasthePavilionTerracesandoffersprimeheadstonelawnlots.EstimatedvalueoftheinventoriesattheNorthTerracesisPhp334.12million.
TheAngel’sTouchColumbarium,agranite-finishedstructureinArea2ofTheHeritagePark,features128companionnicheswithatotalvalueofaboutPhp6.8million.Ontopofthisgranitebaseisacastbronzesculpturedepictingtwoangels,theirhandsintertwinedastheystandwiththeirbacksagainsteachotherandtheirfaceslookingtotheheavens.TheAngel’sTouchsculptureisbyJoseMendoza,thesameartistwhohasproducedsuchworksastheGabrielaSilangmonumentonAyalaAvenueandthePiodelPilarandSultanKudaratmonumentsonPaseodeRoxasatAyalaCenter.
B C D A A n n u a l R e p o r t 0 8�0
AstheBCDAwentfullblastinitsmyriaddevelopmentandconversionactivitiesin2008,theagencypursuedwithequalzealandenthusiasmitsvariouscorporatesocialresponsibility(CSR)programsfortheyear,reachingoutnotonlytopeoplewhohavebeendirectlyaffectedbyitsundertakingsbutalsothosewho,inonewayortheother,sharetheorganization’saspirationsforamorecaring,morenurturingPhilippinesociety.
And,likeinitsdevelopmenttasks,BCDA’scorporatesocialresponsibilityeffortsarevariedandfar-reaching,fromthesimplemedicalmissionstolivelihoodprogramsandenvironmentalpursuits,tomakingadifferenceinthelivesofcancer-strickenchildren.
CommunityRelations
Ascanbeexpected,theSubic-Clark-TarlacExpresswayprojectaffectedthousandsofpeoplelivingalongthepathofthe93.77kilometertollroad–before,duringandafteritsconstruction.PartofBCDA’staskwastomakesurethattheimpactsoftheprojectaremitigated,andallaffectedpartiesareadequatelyandpromptlycompensatedfortheirtroubles.
Thus,personnelfromtheSCTEXCommunityRelationsUnithelpedfacilitatedialoguesandnegotiationswithlandownersandtenantsduringroadright-of-wayacquisitionprocedures,andmadesurethatdisturbancesarekepttothebareminimum.
Beyond Development: A Nurturing and Helping Hand
B C D A A n n u a l R e p o r t 0 8 �1
Atthesametime,BCDAconductedseveralmedicalmissionsinproject-affectedareasincludingthreebarangaysinHermosa,BataaninJune.ThiswasfollowedbysimilarmissionsinFloridablanca,PampangainDecember2008,with160beneficiariesfromBarangaySanRamonand326beneficiariesinanAetacommunityinBarangayNabuclod.
TheBCDAYuletideCommitteealsoconductedaChildren’sProgramandGift-givingactivityfor100AetastudentsoftheNabuclodPrimarySchoolduringthesamemonthaspartofitsoutreachprogram.
Livelihoodprogramsforproject-affectedpeople,ontheotherhand,werelaunchedincoordinationwiththeLandBankofthePhilippineslikethehog-fatteningprojectinConcepcion,Tarlac,particularlyinthebarangaysofTinang,Talimundoc-SanMiguelandSto.Nino.
BCDApersonnelalsoassistedintheorganizationandregistrationoftheSama-SamaMulti-PurposeCooperativecomposedofSCTEP-affectedpeopleandbeneficiariesofthelivelihoodprojectinConcepcion.
Selectionofprospectivepartnernon-governmentorganizations(NGOs)forthedirectimplementationofalivelihoodmicro-lendingprojectinBataanwasalsopursued,leadingtotheidentificationofthegroupDaansaPag-unlad,Inc.(DSPI)asthepartner-NGOintheprovince.
DiscussionswiththeLocalGovernmentofFloridablanca,PampangathroughtheMunicipalSocialWelfareandDevelopmentOffice(MSWDO),forpossiblelivelihoodprojectsinaffectedbarangaysinthetownhavealsobeenstarted.
GreeningSCTEX
Asidefromitscommunityinvolvement,BCDApursuedenvironmentalprojectslikeits“GreeningSCTEX”aprogramthatnotonlyaimstoplant50,000nativetreesalongtheentirestretchofthetollroadinfiveyears,butalsoestablishaTreeMuseumthatwillpropagateendemicandindigenoustrees–manyofwhichareunknowntomostFilipinos.
Thekick-offceremonyinJulysawsome2,000NarrasaplingsplantedinthevicinityoftheClarkNorthBInterchangeinBarangayDolores,Mabalacat,Pampanga.Some500volunteersfromBCDA,ClarkDevelopmentCorporation,SubicBayMetropolitanAuthority,theTollwaysManagementCorporation,theArmedForcesofthePhilippines,DENRRegionIII,andlocalNGOstookpartinthetree-plantinginitiative.
Theprogramisalsodesignedtoforgepartnershipswithcorporationsandotherorganizationsintoadoptingakilometereachofthe94-kmstretchoftheSCTEXfortree-plantingandmaintenanceactivitiesthroughtheyears.
94KRunforLife
Amorehigh-profileCSRactivityfortheyearwasthe94KUltraMarathon,wherein10PinoyUltraRunnerscoveredtheentirelengthoftheSCTEXfromTarlactoSubic,ina15-hourchallengedubbed`̀RunforLife.”Therunwasmatchedbyfinancialpledgesfromsponsors,withtheproceedsamountingtoP50,000donatedtotheKytheFoundationinV.LunaHospitalfortreatmentofcancer-strickenchildren.
B C D A A n n u a l R e p o r t 0 8��
CY2008:FinancialCondition
ThetotalassetsofBCDAincreasedby 4.843billion,from 98.669billion in 2007 to 103.513 billion this year. Such increment isattributed primarily to the capitalized construction cost of theSubic-Clark-Tarlac Expressway (SCTEX) Project, even as InventoriesdecreasedduetothesaleofBigDeltaLotsatBonifacioGlobalCity.In addition, Short-Term Investments increased considerably from322millionin2007to 2.943billionthisyearduetocashreceipts
fromtheredemptionofFBDCshares,dispositionofBCDApropertiesandsharesinJVprojects.
Total liabilities grew by 12.486 billion, from 24.889 billion to37.375billion,due to the increase in loans payableensuing from
loandrawdownsfromtheJapanBankforInternationalCooperation,aspartoftheloanextendedtoBCDAforthefundingoftheSCTEXProject. Moreover, inter-agency payables increased which isattributabletotherecordingofthe72.5percentshareofbeneficiaries
onthesaleofBigDeltaLotsandredemptionofFBDCshares.Thereis also a considerable increase of 824million indeferred creditsthisyearduemainlytothetaxsubsidyissuedbytheDepartmentofFinanceforthetaxportionsoncontractors’billingsfortheSCTEX,aswellasontheunrealizedincomefromtheunsoldallocatedunitsofBCDAinSerendraandMcKinleyHillProject.Intra-agency payables,ontheotherhand,decreasedasaresultoftheremittanceof 1billiontoClarkDevelopmentCorporation(CDC)fortheimplementationoftheConcepcion-ClarkPowerTransmissionProjectpursuanttoEONo.666.
Total Capital dropped to 66.138 billion from 73.780 billion in2007. This resultedmainly from thenet loss incurred for the yearwhichisattributabletothelossonforeignexchangeonaccountoftheyenloanforSCTEX,asmentionedin“ResultsofOperations”.
2008
2007(Asrestated)
ASSETS
Current Assets
Cashandcashequivalents 2,138,963,290 2,056,772,655Short-terminvestments 2,943,234,751 322,349,334Receivables 2,909,382,197 2,838,855,790Inventories 3,497,886,826 5,370,467,935Prepayments 2,304,484,948 1,914,953,244Othercurrentassets 10,515,528 10,809,996
TotalCurrentAssets 13,804,467,540 12,514,208,954
Non-Current Assets
Investmentsinandadvancestosubsidiaries/affiliates 23,989,220,339 24,317,544,769Otherinvestments 323,584,391 433,875,943Propertyandequipment-net 63,665,721,364 59,944,405,909Othernon-currentassets 1,729,861,345 1,459,322,573
TotalNon-CurrentAssets 89,708,387,439 86,155,149,194
TOTAL ASSETS 103,512,854,979 98,669,358,148
LIABILITIES AND EQUITY
Current Liabilities
Payables 436,065,929 324,799,557Inter-agencypayables 4,686,927,946 2,211,813,804Intra-agencypayables 251,607,572 1,253,141,134
TotalCurrentLiabilities 5,374,601,447 3,789,754,495
Non-Current Liabilities
Loanpayable 23,618,893,855 13,515,974,048Deferredcredits 8,244,625,160 7,420,169,184Otherlong-termliabilities 136,985,421 163,169,985
TotalNon-CurrentLiabilities 32,000,504,436 21,099,313,217
Total Liabilities 37,375,105,883 24,889,067,712
Equity 66,137,749,096 73,780,290,436
TOTAL LIABILITIES AND EQUITY 103,512,854,979 98,669,358,148
ParentCompanyBalanceSheetsDecember31,2008and2007
Financial Report
B C D A A n n u a l R e p o r t 0 8 ��
CY2008:ResultsofOperations
For this year, total revenues generated by BCDA amounted to1.494billion,arecordincreaseof60percentascomparedtothe
previousyear’srevenuesof 935million.Income from joint venture operations (Serendra,McKinleyHill, Seaport/Casino,NewportCity,andPacificPlazaTowersparkingspaces)whichmakeup70percentoftotalrevenues,totaled 1.05billionshowinganincreaseof 646million from 404milliongenerated in2007. On theotherhand,revenues fromLease Incomedecreased to 283million from 517million in 2007 on account of delayed remittance from ManilaInternationalAirportAuthority (MIAA) of its lease payment, whichwas due for collection by yearend. Revenues from the SCTEX tollcollectionstartedoffthisyearwith 155million.
Operatingexpenses,whichamountedto 1.442billion,is32percenthigherthanlastyear’s 1.091billion.Personal Servicestotaled 158millionregisteringa30percentincreasefromthatof 122millionin2007.Maintenance and Other Operating Expenses(MOOE)likewiserosefrom 969millionin2007to 1.284billionin2008.AmongtheMOOE,substantialvariationsarepostedfordonations and subsidies
whichrose to 504million from 231million in2007mainlydueto increased contributions to AFP Modernization; and in SCTEXoperations and maintenancewhichsetoffthisyearwith 230million.Conversely, expenses on taxes, insurance premiums and other fees decreasedby 93million from 154million in2007 toonly61millionthisyear.Depreciation expense likewisedecreasedthis
yearto 184millionfrom 261million.Advertising and promotiondecreasedaswellfrom 94milliontoP67million.
Tosummarize,withtherecorded 1.494billionrevenuesasagainst1.442 billion operating expenses, BCDA registered a net income
fromoperationsof 52.5millionthisyear.Thisisaturnaroundfromlast year’s 156 million net loss from operations. However, afterconsidering all other income and expenses including income tax,BCDA registered 6.173billionnet loss.This resultedmainly fromitemsundernon-monetary income/loss,consistingofloss on foreign exchange and impairment loss, the former due to the considerableappreciationoftheJapaneseYenagainstthePhilippinePesothisyear,thusaffectingloandrawdownsfortheSCTEXProjectwhichisfundedunderaspecialyenloanpackage.
ParentCompanyStatementsofIncomeFortheYearsEndedDecember31,2008and2007
2008 2007(Asrestated)
REVENUESSharefromincomeofjointventureoperations 1,049,883,969 404,185,387Leaseincome 283,415,436 517,026,974SCTEXtollcollection 155,127,424 -Miscellaneousincome 6,259,002 13,541,971
TOTAL REVENUES 1,494,685,831 934,754,332
EXPENSESPersonalServices 158,521,324 122,097,004MaintenanceandOtherOperatingExpenses 1,283,663,681 968,909,625
TOTALEXPENDITURES 1,442,185,005 1,091,006,629INCOME (LOSS) FROM OPERATIONS 52,500,826 (156,252,297)
OTHER INCOME (EXPENSES) Dividendincome 409,767,738 182,666,667Interestincome 253,827,381 128,155,423Financialexpenses (95,732,089) (70,420,488)Lossondisposalofproperties (154,847,149) (9,114,707)
INCOME FROM OPERATIONS AFTER OTHER INCOME (EXPENSES) 465,516,708 75,034,598
NON-MONETARY INCOME (LOSS) Gain(Loss)onforeignexchange (6,598,410,291)* 1,506,247,241ImpairmentLoss (10,500,000)** -
INCOME (LOSS) BEFORE INCOME TAX (6,143,393,584) 1,581,281,839INCOME TAX (29,893,717) (19,606,526)
NET INCOME (LOSS) ( 6,173,287,301) 1,561,675,313
* The loss incurred on foreign exchange transactions represents the foreign currency difference of JBIC loan drawdown on the SCTEX Project which resulted from the considerable appreciation of the Japanese Yen over the Phil. Peso from a closing rate of ¥0.3642 last year to ¥0.5221 this year. This loss does not involve actual cash transaction but recorded in the Profit & Loss Statement as paper loss in compliance with the provision of International Accounting Standard No. 21 which became effective in 01 January 2005.
** Impairment loss pertains to the difference in the carrying amount of Other Investments against its recoverable amount. This loss was recorded in accordance with International Accounting Standard No. 36 with effective date of adoption in 01 April 2004.
B C D A A n n u a l R e p o r t 0 8��
2008
2007(Asrestated)
CASH FLOWS FROM OPERATING ACTIVITIES
Netcashfromoperatingactivities 2,998,809,453 450,974,314
CASH FLOWS FROM INVESTING ACTIVITIES
Netcashusedininvestingactivities (2,353,551,917) (5,225,110,975)
CASH FLOWS FROM FINANCING ACTIVITIES
Netcashfrom(usedin)financingactivities (582,719,310) 5,845,989,832
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND
CASH EQUIVALENTS 19,652,409 (29,852,856)
NET INCREASE IN CASH AND CASH EQUIVALENTS 82,190,635 1,042,000,315
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 2,056,772,655 1,014,772,340
CASH AND CASH EQUIVALENTS AT END OF YEAR 2,138,963,290 2,056,772,655
investments, and for the SCTEX-related acquisitionof property andequipmentandotherinfrastructureprojectstotaling 1.074billion.
Netcashused infinancing activities totaled 583million, resultingprimarily from the release of funds held in trust for CDC’s powertransmission project. The loan drawdown from JBIC amounted to651million.
Consequently,atyearend,thenet increase in cash and cash equivalentsamountedto 82.19million,showingadropof92percentfromlastyear’s 1.042billion. Theendingcashbalance for2008is 2.139billionwhichis4percenthigherthanthatoftheendingbalanceof2.057billionin2007.
ParentCompanyStatementofCashFlowsFortheYearsEndedDecember31,2008and2007
CY2008:CashFlows
Net cash proceeds from operating activities amounted to 2.999billion,abigleapfromlastyear’s 451million.Thelion’sshareofcash inflowscame fromnewdisposition totaling 2.012billion,aswellasthosefromjointventureprojectsamountingto 1.151billion.Conversely, the largest portion of cash usage were for paymentsmadetosuppliers/creditorswhichreached 444million,followedbyremittanceof 215millioncontributiontotheAFPmodernization.
For investing activities, net cash used amounted to 2.354 billion,showinga55percentdecreasefromthatof 5.225billionin2007.ThemaincontributorforcashinflowhailedfromtheredemptionofFBDCshareswhichamounted to 1.076billion. Outflows,on theotherhand,wereshowninthe 2.478billiondecreaseinshort-term
B C D A A n n u a l R e p o r t 0 8 ��
DispositionProceeds
FortheperiodJanuary-December31,2008
SalePhp3.055B
�1%
LeasePhp0.243B
�%
JointVenturePhp0.505B
1�%
TOTALPhp3.803B
DispositionProceeds
Fortheperiod1993-31December2008
TOTALPhp40.911B
LeaseandJointVenturePhp5.592B
1�%
SalePhp4.959B
1�%FortBonifacioPhp30.360B
74%
DistributionofDispositionProceeds
Fortheperiod1993-31December2008
ShareofOtherBeneficiaryAgenciesPhp5.924B
1�%
TOTALPhp40.911B
Non-MilitaryReplicationExpenses
Php0.619B
�%
DirectExpensesPhp8.624B
�1%
ShareofContiguousMunicipalitiesPhp0.409B
1%
BCDASharePhp6.023B
1�%AFP/Share
Php16.634B
�0%
In 2008, BCDA felt the pressures of the global financialmeltdown that hasaffectedtheveryaggressivebehaviorofforeignandlocalrealestatedevelopers.Nevertheless,BCDArecordedgrossdispositionproceedsofalmostPhp5-billionbyend-2008.
Through prudent asset management and a deliberate disposition program,BCDAwasabletotakeadvantageofopportunitiesinthemarketandbroadenitscontributiontothesoundconversionofformermilitarybaselandsintoself-sustaining and globally competitive investment centers.This has resulted tomorepropertydevelopmentsinFortBonifacioandVillamorAirBasein2008.
Further,withtheopeningoftheSubic-Clark-TarlacExpressway(SCTEX),thereisreasonforBCDAtoremainoptimisticforanexpansionofbusinessopportunitiesinCentralLuzon,andthecountryingeneral.
DispositionProceedsfromBCDA’sAssetDispositionProgram
Since 1994, BCDA has generated a total of Php40.911 billion dispositionproceeds, net of creditable withholding tax, from the disposition of MetroManilaCamps (MMC).Of this amount, 74 percent or Php30.36 billionwasderived from the sale of a large portion of the BonifacioGlobalCity to theFortBonifacioDevelopmentCorporation.ProceedsfromleaseandjointventuretransactionsamountedtoPhp5.592billionorequivalentto14percentofthetotaldispositionproceedswhileBCDAreceivedatotalofPhp4.959billionorequivalentto12percentfromthesaleofcertainportionsofMMC.
DistributionofDispositionProceeds
PursuanttoRA7227,asamendedbyRA7917andtheExecutiveOrder309,thenetproceedsfromthedispositionofMetroManilaCampsareremittedtotheBureauofTreasuryfortheutilizationofthebeneficiarygovernmentagenciesasmandatedintheBCDAcharter.
For the period of 1994 to 2008, theAFP has received a total of Php16.634billionorequivalentto40percentofBCDA’sdispositionproceedsconsistingofPhp7.138billionfortheAFPmodernizationprogramandPhp9.496billionforthereplicationofmilitaryfacilitiesaffectedbythegovernment’sdevelopmentprojects.
Likewise,BCDA’sshareofPhp6.023billionwasused to fundtheconversionofformerU.S.militarybaselandsandtheconstructionofmajorinfrastructureprojectsthatincludetheSubic-Clark-TarlacExpresswayandtherehabilitationoftheSanFernandoAirport-PhaseI.Therestofthedispositionproceedswentto the following: Php5.924 billion as share of other government beneficiaryagencies;Php409millionrepresentstheshareofthecontiguousmunicipalities;Php8.624 billionwas incurred as direct expenses related to the disposition;Php2.678billionwaspaidfortaxesandfeesandPhp619millionwasdisbursedforthereplicationofnon-militaryfacilities.
AssetDispositionReport
TaxesandFeesPhp2.678B
7%
AFPModernization
ProgramPhp7.138B
MilitaryReplicationExpenses
Php9.496B
B C D A A n n u a l R e p o r t 0 8��
Board of Directors
GenNarcisoLAbaya(Ret)President and CEO
AloysiusR.SantosChairman
IsaacS.PunoIII RafaelJulianV.Azanza
AlvinP.Capino
GerardR.Seno
JorgeL.Banal,Sr.
StefaniC.Saño
RenatoC.Valencia
B C D A A n n u a l R e p o r t 0 8 37
Aloysius R. Santos
Chairman - Bases Conversion and Development Authority (BCDA) since November 2006Chairman - BCDA Management and Holdings, Inc. (BMHI) Chairman - Heritage Park Management Corporation (HPMC)Vice-Chairman - Fort Bonifacio Development Corporation (FBDC)Director - John Hay Management Corporation (JHMC) Adviser to the Board - Clark International Airport Corporation (CIAC)
AsidefromhisinvolvementwithBCDA,Mr.Santosisarenownedbusinessman.HeisVice-ChairmanofGuidanceManagementCorporation,andExecutiveCommitteeMemberofGlobalRestaurantConcepts,Inc.(CaliforniaPizzaKitchenPhilippineFranchisee).HewasViceChairmanofDiner’sClub(Phils.).HewasanMBAprofessoriallectureroftheAteneodeManilaUniversityfrom1980to2005andtheDeLaSalleUniversityfrom1973to1993.HegraduatedwithaMasterinBusinessManagementattheAsianInstituteofManagementin1971andhehasundergraduatedegreesfromLoyolaUniversityofLosAngeles,CaliforniaandDeLaSalleCollege,Manila.
Gen Narciso L Abaya (Ret)
President and Chief Executive Officer and Vice Chairman - Bases Conversion and Development Authority (BCDA) since November 4, 2004Vice-Chairman - BCDA Management and Holdings, Inc. (BMHI)Vice-Chairman - Clark Development Corporation (CDC) Director - John Hay Management Corporation (JHMC) Director - Fort Bonifacio Development Corporation (FBDC) Adviser to the Board - Clark International Airport Corporation (CIAC)
PriortohisappointmentinBCDA,Gen.AbayaservedasuccessfulcareerintheArmedForcesofthePhilippines(AFP),culminatingwithhisappointmentasAFPChiefofStaffinApril2003tohisretirementinOctober2004.HeisadistinguishedgraduateoftheUSMilitaryAcademyatWestPoint,NewYork(Classof1971),andholdsaMasterinCivilEngineeringfromLehighUniversityinBethlehem,Pennsylvania,USA.HetoppedtheCivilEngineeringBoardExaminationinFebruary1974.HefinishedhisMasterinBusinessAdministrationattheUniversityofthePhilippines,wherehegraduatedwithhonorsin1980.
Isaac S. Puno III
Executive Vice President and Director - Bases Conversion and Development Authority (BCDA) since February 1996President and Chief Executive Officer - BCDA Management and Holdings, Inc. (BMHI)Director - Fort Bonifacio Development Corporation (FBDC) Director - Bonifacio Estate Services Corporation (BESC)Director - Heritage Park Management Corporation (HPMC) Director - Rosehills Memorial Management (Phils.) Inc. (RMMI)
Mr.PunoisalsotheProgramDirectorandheadoftheOperationsandMaintenanceProjectManagementOfficeoftheSubic-Clark-TarlacExpressway(SCTEX)Project,thecountry’slongestandmostmoderntollway.HefinishedhisMasterinBusinessAdministrationandhisBachelorofArtsdegree,majorinEconomics,fromtheUniversityofthePhilippinesin1976and1972,respectively.
Alvin P. Capino
Director - Bases Conversion and Development Authority (BCDA) since May 2001Director - BCDA Management and Holdings, Inc. (BMHI)Director - Bataan Technology Park, Inc. (BTPI)Director - North Luzon Railways Corporation (NorthRail)Adviser to the Board - Fort Bonifacio Development Corporation (FBDC)
Mr.Capinoisacareerjournalist.Hepresentlywritesabi-weeklypoliticalcolumn,Counterpoint,fortheManilaStandardTodayandheisoneofthehostsandcommentatorsofthedailyradioprogramKarambolaoverdwIZ882khz.HehaspreviouslybeenacolumnistandseniorreporterforbroadsheetsPhilippineDailyGlobeandToday.HehasalsobeenacontributortoObserverMagazineandPhilippineFreePress.Hehasalsoworkedaspoliticalcommentator/hostinradiostationsdzRH,RadioVeritasanddwWW.Otherpositionshehasheldinclude;ChairmanandDirectorofPoroPointManagementCorporationandDirectorofBonifacioGasCorporation.HeisagraduateoftheAteneodeManilaUniversitywhereheholdsanABPoliticalSciencedegree.
Gerard R. Seno
Director - Bases Conversion and Development Authority (BCDA) since May 2001Director - BCDA Management and Holdings, Inc. (BMHI)Director - Bataan Technology Park, Inc. (BTPI) Director - Fort Bonifacio Development Corporation (FBDC)
Mr.Senoisalaborrightsadvocate.Hecurrentlyholdsthefollowingpositions:PresidentoftheAssociatedLaborUnionsforBanking&AlliedIndustry;PresidentoftheAssociatedLaborUnionsforBuilding&ConstructionIndustry;VicePresidentandmemberoftheBoardofDirectorsoftheTradeUnionCongressofthePhilippines(TUCP)andInternationalMetalworkersFederation-PhilippineCouncil;ViceChairmanofAssociatedMulti-PurposeCooperative,Inc.(AMCI);and,LaborRepresentativeoftheBankIndustryTripartiteCouncil,theHotelandRestaurantTripartiteConsultativeBoardandtheConstructionIndustryTripartiteCouncil.HegraduatedwithBachelorofLawsandBachelorofScienceinBusinessAdministrationdegreesfromUniversityofSanCarlos,CebuCityin1986and1981,respectively.
Jorge L. Banal, Sr.
Director - Bases Conversion and Development Authority (BCDA) since March 22, 2007Director - BCDA Management and Holdings, Inc. (BMHI)Director - Fort Bonifacio Development Corporation (FBDC)Adviser to the Board - Poro Point Management Corporation (PPMC)
Afour-termerCityCouncilorrepresentingthe3rdDistrictofQuezonCity,hewasfirstelectedin1988and,consequently,re-electedforthreeconsecutiveterms.HeservedasMajorityFloorLeaderin1990,PresidentProTemporeoftheCityCouncilfrom1998to2004andNationalPresidentoftheJuniorChamberInternational(JCI)SenatePhilippinesin2005.Mr.BanalisalsoPresidentoftheFederationofSeniorCitizensAssociationsofthePhilippines(FSCAP)-NationalCapitalRegion(NCR),FSCAPQuezonCityChapter,andtheRegionalSeniorCitizensFederation-NCR;memberoftheNationalExecutiveBoard,BoyScoutsofthePhilippines;and2008PresidentofJCISenateASEAN.ADirectoroftheLandBankRealtyDevelopmentCorporation,hepursuedhisgraduatestudiesattheFarEasternUniversity,whereheholdsaBSCommercedegree.HeishappilymarriedtotheformerCharminiaBaluyut,presidentoftheLigangBarangay,3rdDistrictofQuezonCity.Blessedwitheightchildren,theireldestsonJorge,Jr.,istheincumbentPresidentProTemporeoftheQuezonCityCouncil.
Stefani C. Saño
Director - Bases Conversion and Development Authority (BCDA) since June 19, 2008Director - BCDA Management and Holdings, Inc. (BMHI)
Mr.SañoiscurrentlyaconsultantoftheSubicBayMetropolitanAuthority(SBMA)anditssubsidiary,theFreeportServiceCorporation(FSC),wherehehadtwiceservedasPresidentandCEO.HewasformerlymanagerofthePhilippineNationalOilCompany-AlternativeFuelCorporation(PNOC-AFC)PetrochemicalIndustrialParkinBataanandproprietoroftheSCSPublicAffairsConsultancybasedinQuezonCity.AformerstudentactivistoftheUniversityofthePhilippines,whereheobtainedhisdegreeinIndustrialEngineering,andstafferofthePhilippineCollegian,hewasoncedetainedatFortBonifacioasoneofthosewhofearlesslystoodagainsttheMarcosdictatorshipduringthetimeofMartialLawin1972.
Renato C. Valencia
Director - Bases Conversion and Development Authority (BCDA) since September 2004 Director - Fort Bonifacio Development Corporation (FBDC)Director - BCDA Management and Holdings, Inc. (BMHI)
Mr.ValenciaisaformerPresidentandCEOofSocialSecuritySystemandaformerChairmanandCEOofUnionBankofthePhilippines.Hesitsasanindependentdirectorinsomelistedcompanies.HefinishedhisMasterinBusinessManagementattheAsianInstituteofManagementin1971andhisBachelorofSciencedegreemajorinGeneralEngineeringatthePhilippineMilitaryAcademyin1963.
Rafael Julian V. Azanza
Director - Bases Conversion and Development Authority (BCDA) since May 2001, and Chairman of the BCDA Board’s Audit CommitteeDirector - BCDA Management and Holdings, Inc. (BMHI) also serving as Treasurer of BMHI Director - Fort Bonifacio Development Corporation (FBDC)Director - Bonifacio Water Corporation (BWC)Director - Bonifacio Gas Corporation (BGC)
ProfessorAzanzaisafacultymemberoftheAsianInstituteofManagement(AIM).HeisalsopresentlytheChairmanoftheLeukemicIndigentsFundEndowment.ForyearshewasaTrustee,thenChairman,oftheDr.FedelMundoMedicalCenterandGeneralHospital.HeholdsaMasterinBusinessAdministration,majorinfinance,fromtheHarvardBusinessSchool(1971)andhasundertakendoctoralworkattheUniversityofthePhilippines.
B C D A A n n u a l R e p o r t 0 8��
Top Management
GenNarcisoLAbaya(Ret)President and CEO
IsaacS.PunoIIIExecutive Vice President and SCTEP Program Director
NievelenaV.RoseteVice President for Corporate Services
VictorV.ZablanVice President for Finance/
Chief Finance Officer
AileenAnunciacionR.ZosaVice President for Business Development
and Officer-in-Charge for Operations
Atty.ArnelPacianoD.CasanovaGeneral Counsel and Corporate Secretary
OFFICEOFTHECHAIRMANALOYSIUS R. SANTOSChairmanTel.No.(632)816-0935Tel/FaxNo.(632)816-0936
Internal Audit Service OfficeMA. LINA P. OCAMPOOfficer-In-ChargeTel.No.(632)816-0938
OFFICEOFTHEPRESIDENTGEN NARCISO L ABAYA (RET)President & CEOTel.No.(632)816-0915FaxNo.(632)816-0917
PATRICK ROEHL C. FRANCISCOHead Executive AssistantTel.No.(632)816-0916FaxNo.(632)816-0917
Corporate Planning Services DepartmentEDUARDO G. POLICARPIO, JR.Department ManagerTel/FaxNo.(632)816-0987
Information and Communications Technology DepartmentMA. ESPERANZA M. ESPINOChief Information OfficerTel.No.(632)816-1108Tel/FaxNo.(632)816-0978
Legal Services DepartmentATTY. ARNEL PACIANO D. CASANOVAGeneral Counsel and Corporate SecretaryTel.No.816-1098FaxNo.816-1092
Public Affairs DepartmentLEILANI BARLONGAY-MACASAETDepartment ManagerTel/FaxNo.(632)816-0947Tel.No.(632)816-0948
OFFICEOFTHEEXECUTIVEVICEPRESIDENTISAAC S. PUNO IIIExecutive Vice PresidentTelNo.(632)816-0962FaxNo.(632)816-0963
Subsidiaries, Affiliates, & Projects Monitoring DepartmentATTY. REGINA SALVE R. LAPUZOfficer-In-ChargeTel.No.(632)816-1071FaxNo.(632)816-1086
JOEL V. BERINGUELADepartment ManagerTel.No.(632)816-4690Tel/FaxNo.(632)816-1083
PLANNING & BUSINESS DEVELOPMENT GROUP
AILEEN ANUNCIACION R. ZOSAVice PresidentTel.No.(632)816-1015 Tel/FaxNo.(632)816-1016
Business Development DepartmentBARBARA L. ANDALProject ManagerTel.No.(632)816-1043
Land & Assets Development DepartmentDEAN J. SANTIAGOProject ManagerTel.No.(632)816-1013
FINANCE GROUP
VICTOR V. ZABLANVice President & Chief Finance OfficerTel.No.(632)816-1052Tel/FaxNo.(632)816-1063
Budget & Monitoring DepartmentHEDDA LOURDES Y. RULONADepartment ManagerTel.No.(632)818-4684Tel./FaxNo.(632)816-1067
Financial Management Services DepartmentERLEDA S. SAN JUANDepartment ManagerTel.No.(632)816-4683Tel./FaxNo.(632)816-0993
Treasury & Investments DepartmentNORMA S. PABUSTANDepartment ManagerTel.No.(632)816-1076
OPERATIONS GROUP
AILEEN ANUNCIACION R. ZOSAOfficer-In-ChargeTel.No.(632)816-1015 Tel/FaxNo.(632)816-1016
Contracts Management DepartmentATTY. REGINA SALVE R. LAPUZProject ManagerTel.No.(632)816-1071Tel/Fax(632)816-6666loc.167
Housing & Relocation DepartmentROLANDO C. MANALOProject ManagerTel.No.(632)816-1089
Infrastructure Development DepartmentJOVITO M. SUNGAOfficer-In-ChargeTel.No.(632)816-1070
Security Services DepartmentBGEN ROBERT C GERVACIO (RET)Project ManagerTel/FaxNo.(632)816-1008
CORPORATE SERVICES GROUP
NIEVELENA V. ROSETEVice PresidentTelNos.(632)816-1003 Tel/FaxNo.(632)816-1004
Administrative Services DepartmentELEANOR L. ATIENZADepartment ManagerTel/FaxNo.(632)816-1030
Human Resources Development & Management DepartmentRIZALITO L. FABULADepartment ManagerTel.No.(632)816-1029
Premises Administration & Transportation Services DepartmentEDUARDO R. ROSQUETAOfficer-In-ChargeTel.No.(632)816-0925
SUBIC-CLARK-TARLAC EXPRESSWAY (SCTEX)PROJECT MANAGEMENT OFFICE
ISAAC S. PUNO IIIProgram DirectorHead, Operations and Maintenance Project Management OfficeTelNo.(632)816-0962FaxNo.(632)816-0963
MGEN TRIFONIO P SALAZAR (RET)Program Manager for Administrative Support ServicesTel.No.(63)(045)599-7213Tel/FaxNo.(63)(045)599-7210
MGEN EDUARDO J LENA (RET)Program Manager for Engineering and ConstructionTel/FaxNo.(63)(45)599-7212
BGEN ROBERT C GERVACIO (RET)Program Manager for Operational Support ServicesTel/FaxNo.(63)(45)599-6053
COMMISSION ON AUDIT
ATTY. MA. SYLVA Z. ISIDERIOCorporate AuditorTelNo.(632)816-1344Tel/FaxNo.(632)816-1345
MANAGEMENT DIRECTORY
B C D A A n n u a l R e p o r t 0 8 ��
SUBSIDIARIESBataan Technology Park, Inc.BTPComplex,Brgy.SabangMorong,BataanTel.No.:(63)908122-6002Email:[email protected]:www.bcda.gov.ph
ANTONIO I. HABANAChairman
WILFRIDO E. CASTORPresident & CEO
BCDA Management and Holdings, Inc.2/F,BonifacioTechnologyCenter31stStreet,CrescentParkWestBonifacioGlobalCity,TaguigCityTel.No.:(632)861-1340Email:[email protected]:www.bcda.gov.ph
ALOYSIUS R. SANTOSChairman
ISAAC S. PUNO IIIPresident
Clark Development CorporationBldg.2122,C.P.GarciaSt.ClarkFreeportZonePampanga,PhilippinesTel.No.:(63)(45)599-9000Email:[email protected]:www.clark.com.ph
RIZALINO S. NAVARROChairman
BENIGNO N. RICAFORTPresident & CEO
Clark International Airport CorporationCivilAviationComplexClarkSpecialEconomicZoneClarkFreeportZone2023Pampanga,PhilippinesTel.No.:(62)(45)599-2702FaxNo.:(63)(45)599-2044Email:[email protected]:www.clarkairport.com
NESTOR S. MANGIOChairman
VICTOR JOSE I. LUCIANOPresident
John Hay Management CorporationJohnHaySpecialEconomicZoneCampJohnHay,BaguioCity2600PhilippinesTel.No.:(63)(74)424-5824FaxNo.:(63)(74)444-5823Email:[email protected]:www.jhmc.com.ph
JHMC Manila Extension Office148G/F,ATCCentre,KatipunanRoadBrgy.St.Ignatius,WhitePlainsQuezonCityTel.No.:(632)710-2531FaxNo.:(632)437-7106
MA. CRISTINA R. CORONAOIC, Office of the Chairperson President
Poro Point Management CorporationPoroPointFreeportZoneSanFernandoCity2500LaUnion,PhilippinesTel.No.:(63)(72242-4016FaxNo.:(63)(72)242-0683Email:[email protected]:www.poropointfreeport.com
Airport OfficePoroPointFreeportZoneCaliforniaAvenue,CanaoaySanFernandoCity2500LaUnion,PhilippinesTelNo.:(63)(72)607-5649FaxNo.:(63)(72)607-5648
FELIX S. RACADIOPresident & CEO
ANTHONY C. MANGUIATExecutive Vice President & COO
DIRECTORY OF SUBSIDIARIES AND AFFILIATES
AFFILIATESFort Bonifacio Development Corporation2/F,BonifacioTechnologyCenter31stStreet,CrescentParkWestBonifacioGlobalCity,TaguigCityTel.No.:(632)757-6117,818-3601Website:www.fbdcorp.com
JOSELITO D. CAMPOS, JR.Chairman
JAIME I. AYALAPresident & CEO
Subic Bay Metropolitan AuthorityBldg.233,BarrymanRoadSubicBayFreeportZoneOlongapoCity,ZambalesPhilippinesTel.No.:(63)(47)252-4283,252-4214Website:www.sbma.com
FELICIANO G. SALONGAChairman
ARMAND C. ARREZAAdministrator
Subic Clark Area Development Council
EDGARDO D. PAMINTUANPresidential AdviserTel.No.:(63)(45)599-7418
Amertron,Inc.
AlveoLandCorporation
AsianCarmarkersCorporationBMW
Philippines
AyalaMallsGroupofAyalaLand,Inc.
BataanTechnologyPark,Inc.
BonifacioHighStreet
BonifacioTechnologyCenter
ButterflySanctuaryinCampJohnHay
CampJohnHaySuites
ClarkDevelopmentCorporation
ClarkInstituteofAviation
ClarkInternationalAirportCorporation
ClarkMuseum
DrupeInternational,Inc.
EdwinBacasmas,PhilippineDailyInquirer
(forLeicaCarpo’sphotoonpage11)
ElKabayoEquestrianCenter
EnderunColleges,Inc.
FortBonifacioDevelopmentCorporation
HeritageParkManagementCorporation
HotelVida
HolidayInnConventionCenter
IntercontinentalHotelsGroup
JohnHayManagementCorporation
JungleJoe’sWorldAmusementPark
KitaCorporation
L&TInternationalGroup
LighthouseMarinaResortHotel
ManorHotel
Market!Market!
McKinleyHillVillage
MegaworldCorporation
MeridienDevelopmentGroup
Mile-HiCenter
MimosaGolfandGrandSpa
MimosaResortandCountryClub
NCOPhilippines,Clark,Inc.
NewWellBeingSpaCity,Corp.
NewportCity
NinoyAquinoInternationalAirport
Terminal3
OceanAdventure
OfficeofthePresident
-CorrespondenceOffice
OrchidsworldInternationalIncorporated
PacificPlazaTowers,Inc.
ParadiseRanch,Inc.
PhilippineDailyInquirer
PoroPointManagementCorporation
Portico
RosehillsMemorialManagement(Phils.),Inc.
SeorabeolGrandLeisureHotel
ShopsatSerendra
ACKNOWLEDGMENTS:
PUBLICATIONS TEAMThis 2008 Annual Report is a project of the BCDA Public Affairs Department composed ofLeilaniBarlongay-Macasaet,RoyVictorR.Rosales,MaricarGaySavella-Villamil,RhonaL.Ramos,IrahF.David,GarryA.Cativo,MichelleS.SanJuanandAgemO.Alfafaras
Editorial Adviser
AileenAnunciacionR.ZosaBCDAVicePresidentforBusinessDevelopment
Concept, Design and Photography by:
ModeMatrixManila,Inc.
SMShoppingCenterManagement
Corporation
SubicBayMetropolitanAuthority
Subic-Clark-TarlacExpresswayProgram
ManagementOffice
SubicInternationalHotel
TexasInstrumentsPhilippines,Inc.
ThunderbirdPilipinasHotelsand
Resorts,Inc.
TollwaysManagementCorporation
TreeTopAdventure
TriciaV.Pangilinan
(www.makeuptricks.multiply.com)
UnitedParcelService,Inc.
YokohamaTirePhilippines,Inc.
ZoobicSafari
BCDACorporateCenter2/F,BonifacioTechnologyCenter31stStreet,CrescentParkWestBonifacioGlobalCity,TaguigCity,PhilippinesTel.No.:(632)816-6666FaxNo.:(632)816-0996E-mail:[email protected]:www.bcda.gov.ph