MANILA -- Malacanang on Tuesday announced that the Bases Conversion Development Authority (BCDA) has remitted PHP5.22 billion to the Bureau of Treasury in 2017.

Presidential Spokesperson Harry Roque said the BCDA remittance was the highest amount generated since 2012.

“The Bureau of Treasury noted that the BCDA remittance for 2017 is also higher than PHP3.93 billion in 2016,” Roque said.

Roque said the BCDA, as part of its mandate, would allocate PHP4.839 billion to the Armed Forces of the Philippines (AFP) modernization program and other beneficiary agencies.

“In addition, the BCDA has also raised a total of PHP36.6 billion for the purchase of the military equipment and maintenance of military facilities,” he said.

BCDA is a government-owned and controlled corporation (GOCC) under the Office of the President.

The BCDA Group is a prime mover of national development such as transformation of former military bases and properties into premier centers of economic growth.

Some of the major BCDA projects include: Bonifacio Global City, New Clark City, Subic-Clark-Tarlac Expressway and Newport City or the Villamor Air Base.

Recently, the BCDA and China Development Bank (CBD) signed a Memorandum of Understanding that will establish the framework for financing cooperation to speed up implementation of major infrastructure projects worth USD4.5 billion under the “Build, Build, Build” program.

Among the high impact infrastructure projects which stand to benefit from the financing cooperation are the New Clark City, the Subic-Clark Railway Project and the BGC-NAIA-Makati Bus Rapid Transit. (PNA)