According to Sobrepeña, newly-appointed BCDA chairman Florencio Padernal has formed a committee to negotiate with CJHDC on the rental restructuring and investment commitment.
"With the formation of the committee, an agreement may be reached in the next 30 to 60 days," Sobrepeña said.
The members of the committee include Padernal, Eileen Sosa, Flor Garcia, Joseph Rulla, Eduardo Ma. Santos, Hernando de Leon, Carlos Velez, Jose Osias, Izef Nisce, and Ma. Christina Corona.
The CJHDC has been asking the government to implement the July 2000 memorandum of agreement (MOA) restructuring the CJHDC’s lease rental agreement for its first two years.
The implementation of the said MOA will enable negotiations to start for another round of restructuring for the succeeding years of CJHDC’s 50-year lease contract for Camp John Hay.
CJHDC’s original lease agreement with BCDA on Oct. 19, 1996 was to develop almost 247 hectares of Camp John Hay into a tourism complex, multiple-use watershed and human resource development center for a term of 25 years, renewable for another 25 years, for a total of 50 years.
The lease agreement provided for a fixed annual rental of P425 million or five percent of gross revenue, whichever is higher, for the first five years of the lease period. – Marianne Go