SM Prime Holdings Inc. (SMPHI) reacted to the statement made by Bases Conversion and Development Authority (BCDA) president Arnel Casanova that under an executive order, proceeds from leases and joint ventures entered into by BCDA should be divided equally between BCDA and the Armed Forces of the Philippines.
“With all due respect to the AFP, it’s kind of wrong to say we’re depriving them of funds that should go to their modernization, kasi ang may-ari dito Taguig at ang mga makikinabang dito ay constituents ng Taguig. So yung constituents ng Taguig ang tinutulungan namin dito kasi siya yun owners, so sa coffers niya mapupunta,” SM Prime Holdings vice president for legal Edgar Ryan San Juan.
According to a related article from the Inquirer:
By virtue of the Deed of Conveyance on Jan. 17, 2008, the BCDA transferred the property to Taguig City, without any land use or zoning restrictions.
It was clear in the Deed of Conveyance that the “BCDA shall no longer pursue and hereby withdraws, drops, relinquishes any and all its claims over the properties specified under Section I of the abovementioned MOA. Also, BCDA shall not place any restrictions on the land use or zoning of the properties…” The BCDA issued “clean” titles to Taguig, with no liens or encumbrances.
Therefore, whatever claims the BCDA may have on the property has been relinquished. The contractual stipulations in the Deed of Conveyance show the clear intent of the BCDA to unconditionally allow Taguig City to freely use the property or to solely determine the property’s appropriate zoning classification.
Since the subject parcels of land are no longer owned by the BCDA, it is clear that the property is not part of Bonifacio Global City (BGC).
San Juan said in an interview, that because the property was given by the BCDA to Taguig as part of a compromise agreement, it is owned by Taguig and lease revenues should benefit the people of Taguig.
My say: Before a decision should be made, all considerations must be taken into account. We must always think what’s best for the majority. Yahweh bless.