Question & AnswerQ&A (EXECUTIVE ORDER NO. 309)
The President of the Philippines is authorized to sell certain Metro Manila military camps, including Fort Bonifacio and Villamor Air Base, in whole or in part.
Due to the depressed state of the country's real estate market and economic factors, outright sale was disadvantageous; thus, BCDA deemed transactions other than sale more beneficial to the government.
BCDA is under the direct control and supervision of the Office of the President for policy direction and coordination.
They are distributed equally between the Bases Conversion Development Authority (BCDA) and the Armed Forces of the Philippines (AFP).
Yes, it covers the proceeds of all such transactions including those previously executed.
'Direct expenses' refer to expenses directly attributable to the transaction that would not have been incurred if the transaction was not made, and are jointly determined by representatives of BCDA and the Department of National Defense (DND).
The BCDA's share shall be considered its corporate income, and its utilization shall be determined by the BCDA Board of Directors.
The AFP's share must be used for the AFP Modernization Program under Republic Act No. 7898, and proceeds received after the program's termination may be used to satisfy multi-year obligations or other modernization projects approved by the AFP and Secretary of National Defense.
BCDA must remit AFP's share within two weeks after receipt of actual payment directly to the Armed Forces of the Philippines Modernization Act Trust Fund (Fund 172) in the Bureau of the Treasury.
It took effect immediately upon signing on November 3, 2000.