BCDA remits P527-M to nat'l gov't

By Kris Crismundo

May 3, 2023, 3:49 pm

MANILA – The Bases Conversion and Development Authority (BCDA) reported Wednesday it remitted PHP527.4 million to the national government for this year.

In a statement, BCDA said this remittance is on top of its proceeds allocated for the Armed Forces of the Philippines (AFP) Modernization Program.

The amount remitted to the national coffers came from BCDA's disposition proceeds and guarantee fees for the loan of Subic-Clark-Tarlac Expressway (SCTEX).

Since 1993, BCDA's dividends to the national government reached PHP8.49 billion.

"This good financial standing is a result of BCDA’s steadfast commitment as one of the national government’s major partners in nation-building. To provide a consistent contribution to the national government, we will continue to build recurring revenue sources and effectively manage costs. This is part of BCDA’s underlying principle to do more with less given the tightening budget of the administration,” BCDA president and chief executive officer Aileen Zosa said.

The government-owned and controlled corporation (GOCC) closed 2022 with net earnings of PHP1.05 billion.

Compared to the previous level, BCDA's remittance and net earnings both declined as the GOCC's net earnings in 2021 reached PHP1.77 billion and remitted PHP885 million to the national government.

The BCDA said the high earnings in 2021 was driven by "windfall collections coming from the leases and assets for disposition, such as the joint venture agreement with SM Prime Holdings for the development of the Bonifacio South Pointe and the close-out agreement for the Serendra Property".

Under Republic Act 7656 or the Dividend Law, all GOCCs are required to give back to the national coffers at least half of its annual net earnings. (PNA)