State-owned corporation: John Hay only avoiding paying debt

Friday, January 13, 2012
BASES Conversion and Development Authority (BCDA) tagged the move made by Camp John Hay Development Corporation (CJHDevCo) as a form of evasion.
Dean Santiago, vice president of the BCDA said, “The delinquent lessee of Camp John Hay cannot scot-free from paying its P3.024-billion arrears.”
CJHDevco served its notice to “rescind” the 2008 Restructured Memorandum of Agreement (RMOA) between the BCDA and CJHDevco.
“This is an ill-disguised ploy,” Santiago pointed out, adding: “This is another attempt at evading payment by unilaterally rescinding their contractual obligations to the Philippine government after benefiting from the John Hay property.”
He also pointed out “the lessee reportedly has grossed double-digit figures in billions of pesos.”
“It must be asked by the public where the money went,” said Santiago, adding the lessee cannot escape its obligation of paying its mounting debts.
The Sobrepena-led lessee has been delinquent in paying its arrears beginning the third year of the memorandum of agreement. The 25-year lease agreement between BCDA and CJHDevco was signed in 1996. In 1999, there was a request for the deferment of payments for 1997 and 1998. This was granted on August 5, 1999.
In 2000, CJHDevco asked for a restructuring agreement for failure to pay its lease obligations. It was signed in July 14, 2000.
Again in year 2003, CJHDevco asked for another restructuring, and the agreement was signed on July 18, 2003.
In 2008, another restructuring agreement was signed making it the third. All in all, CJHDevco requested and was granted one deferment and three restructuring agreements in a span of 12 years since the start of the original contract in 1996.
The major issues are all against CJHDevco – notably, the non-payment of the arrears that have ballooned to P3.024 billion. In contrast, the issue raised by the lessee on the non-operation of the One-Stop Action Center comes across as a convenient excuse to escape their debt obligation and to “turn the tables” against BCDA, Santiago said.
Published in the Sun.Star Baguio newspaper on January 13, 2012.

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Quiet place for rest and relaxation near Manila, in Subic, Angeles City Pampanga and Clark Philippines is something that residents of Manila travelling to the north for a short getaway are looking for. Clark is already a popular destination for golfers from Manila. Clark Freeport offers some of the best golf courses in Pampanga and outshines many golf clubs and golf courses elsewhere in the Philippines. Clark Pampanga offers many good resorts and hotels for a short trip out of Manila, and Clearwater is one of the best places to relax and unwind for a weekend getaway or a short holiday in Pampanga.

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Highly recommended summer vacation destination outside Manila is Clearwater Beach Resort in Clark, a safe and convenient tourist spot that offers natural ambience for visitors to enjoy the outdoors with no stress. Private resort is frequently visited during Holy Week and Easter Holidays for residents of Manila travelling out of town on getaway to the north to unwind and relax in outdoor resort.

For reservations, comments and inquiries,

Clearwater Resort & Country Club
Creekside Road corner of Centennial Road,
Central Business District, Clark Freeport Zone,
Pampanga, Philippines 2023

Tel: (045)599-5949 0917-520-4403 0922-870-5177

Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Rd Ortigas Metro Manila, Philippines 1605
(632) 637-5019 0917-520-4393 Rea or Chay

http://www.ClearwaterPhilippines.com

Email: Inquiry@ClearwaterPhilippines.com

Getting to this hotel in Clark Philippines
After entering Clark Freeport from Subic, Manila, Dau and Angeles City, proceed straight along Clark’s main highway MA Roxas, passing Clark’s largest wine shop called Clark Wine Center on your right, continue to bear right making no turns at all, go past Mimosa Leisure Estate on the opposite side of the road, you will hit a major intersection. Go straight and the road becomes Creekside Road. YATS Clearwater Resort and Country Club is on your right just 200m down. Traffic in Clark Philippines is light so it should be quite easy for get to this hotel in Clark Philippines.

For inquiries and bookings, Youmay click here to contact Clearwater Resort for inquiries and reservations

Wedding couples looking for wedding reception venues and beach wedding venues can log on to this Philippines Wedding Venue web site for free information and assistance:

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While in Clark, it might be a good idea to enjoy an evening of wine-and-dine in the fine dining Yats Restaurant and Wine Bar that features an award winning 2700-line wine list. It is located in Mimosa Leisure Estate of Clark Freeport Zone. For more information, visit http://www.YatsRestaurant.com

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Looking for famous tourists spots, places to visit and see, relax and unwind in Clark, Pampanga, Philippines? You may want to check out these sites also:

http://www.LondonPubClark.com

http://www.HotelClarkPhilippines.com

http://www.ClarkPhilippines.com

http://www.YatsWineCellars.com

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