GOVERNMENT-OWNED Bases Conversion and Development Authority (BCDA) welcomed a proposed law enhancing the agency's mandate and extending its corporate life to another 30 years.
Senate Bill 2467, which passed its third and final reading at the Senate on Feb. 3, includes a provision allowing the conversion of 5 percent of BCDA's economic and freeport zones from leasehold to freehold status — or the legal right to own and use a building or piece of land for an unlimited time.