BCDA remits P7.38 billion to Treasury, up 60.8%

THE Bases Conversion and Development Authority (BCDA) said it remitted P7.38 billion to the Bureau of the Treasury (BTr), up 60.8%.

“The state corporation’s total remittances this year jumped 60.81% to P7.38 billion, exceeding the P4.59 billion remitted in 2021,” the BCDA said in a statement on Monday.

BCDA, a government-owned and -controlled corporation (GOCC), said that P6.38 billion of the overall amount remitted to the BTr in 2022 represented proceeds generated from sales, leases, or joint venture developments covering property in former military bases around Metro Manila.

The redevelopment of the bases is governed by Republic Act 7227 or the Bases Conversion and Development Act. “Of the disposition proceeds, almost 99% or P6.31 billion is allocated to the Armed Forces of the Philippines (AFP) for its modernization program, giving a boost to military forces who respond to crises and defend the country against all threats,” the BCDA said.

“Some P65.65 million will be given to other beneficiary agencies, while P4.05 million will be divided equally among the contiguous cities of Makati and Taguig, and the municipality of Pateros,” it added.  

The BCDA said it also remitted P842.08 million in dividends to the BTr this year as required by Republic Act No. 7656 which directs GOCCs to declare and remit at least 50% of their net earnings to the government.

It added that P161.97 million in guarantee fees were also turned over to the BTr, which were booked last year in relation to the government’s loan from the Japan International Cooperation Agency, which was used for the Subic-Clark-Tarlac Expressway project.

“Our aggressive collection efforts have paid off, generating funds while resolving long-standing disputes over properties or with business partners,” BCDA Officer-in-Charge President and Chief Executive Officer Aristotle B. Batuhan said.

Since its creation in 1992, the BCDA said it remitted P80.46 billion to the BTr as of May 2022. This includes P67.18 billion in asset disposition proceeds, P7.93 billion in dividends, and P5.36 billion in guarantee fees and other obligations. — Revin Mikhael D. Ochave