BCDA dividends remitted to Treasury double to P1.1 billion off 2023 earnings
THE Bases Conversion and Development Authority (BCDA) has remitted P1.1 billion to the Bureau of the Treasury, doubling the dividends it remitted a year earlier.
This was compared with the BCDA’s remittance of P527 million last year from earnings booked in 2022. The BCDA’s dividends since its creation have amounted to P9.6 billion.
“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 Execu-tive Officer Joshua M. Bingcang said in a statement Wednesday.
“This year, we are remitting more than the share mandated by the law as testament to our commitment to nation building,” he added.
According to the BCDA, the P1.1 billion dividend it remitted this year represents 75% of its net earnings in 2023.
Under Republic Act No. 7656 or the Dividend Law, all government-owned and -controlled corporations (GOCCs) must remit to the National Government at least 50% of their net earnings as dividends.
The BCDA also remitted to the Treasury guarantee fees for the load of Subic-Clark-Tarlac Expressway and proceeds of its asset disposition program, which was distributed to beneficiary agencies including the Armed Forces of the Philippines.
In a separate statement, the BCDA said three of its projects were among the high-impact projects offered to US and Japanese investors in the proposed Luzon Economic Corridor.
The Luzon Economic Corridor is a component of the Group of Seven Partnership for Global Infrastructure and Investment (G7 PGII).
A shared commitment between France, Germany, Italy, Japan, US, UK, and Canada, G7 PGII aims to advance investments in sustainable, inclusive, resilient and quality infrastructure by mobilizing up to $600 billion in fi-nancing for low- and middle-income countries by 2027.
The three projects are the Subic-Clark Railway, the expansion of Clark International Airport, and the Clark National Food Hub. — Justine Irish D. Tabile
