BCDA doubles remittance to nat'l gov't in 2024

By Kris Crismundo

April 24, 2024, 4:15 pm

<p>BCDA President and Chief Executive Officer Joshua Bingcang. <em>(File photo)</em></p>

BCDA President and Chief Executive Officer Joshua Bingcang. (File photo)

MANILA – The Bases Conversion and Development Authority (BCDA) reported on Wednesday that it has doubled its remittance to the Bureau of the Treasury (BTr) in 2024 compared to the dividends remitted in 2023.

The BCDA remitted PHP1.1 billion this year, higher than the PHP527 million worth of dividends the previous year.

Its remittance this year will augment the national government’s budget to be spent on critical projects and programs that will propel economic growth, the BCDA said.

“The BCDA’s higher dividend remittance to the national government reflects its sustained good financial standing amid efficient revenue generation and expenditure management,” BCDA President and Chief Executive Officer Joshua Bingcang said.

“This year, we are remitting more than the share mandated by the law as a testament to our commitment to nation-building,” Bingcang added.

Under Republic Act 7656, or the Dividend Law, all government-owned and controlled corporations (GOCCs) are mandated to declare and remit at least 50 percent of their net earnings as dividends.

The PHP1.1-billion remittance this year represents 75 percent of the BCDA’s net earnings in 2023.

Since the BCDA’s inception in 1992, the GOCC has remitted a total of PHP9.6 billion in dividends to the national coffers.

“On top of dividends, the BCDA also remits to the [Bureau of the Treasury] guarantee fees for the loan of Subic-Clark-Tarlac Expressway (SCTEX), as well as proceeds from its asset disposition program, which is distributed to several beneficiary agencies, primarily the Armed Forces of the Philippines,” the BCDA added. (PNA)