The Bases Conversion and Development Authority (BCDA) has remitted P7.38 billion to the Bureau of the Treasury (BTr) this year to beef up the state coffers while providing support for the modernization of the Armed Forces of the Philippines (AFP) amid the COVID-19 pandemic.
The state corporation's total remittances this year jumped 60.81 percent to P7.38 billion, exceeding the P4.59 billion remitted in 2021.
“I am proud to report that despite the challenges brought about by the pandemic, BCDA’s remittances to the National Treasury are higher, with an increase of P2.79 billion this year,” BCDA said in a statement.
BCDA said that their aggressive collection efforts have paid off, generating funds while resolving long-standing disputes over properties or with business partners. “Clearly, BCDA will not relent in its responsibility to build the nation and strengthen our Armed Forces,” BCDA Officer-in-Charge President and CEO Atty. Aristotle B. Batuhan said.
Bulk of BCDA’s remittances to the National Treasury came in the form of disposition proceeds amounting to P6.38 billion. This amount came from the income generated by BCDA in 2021 from the sale, lease, or joint venture development of former military camps in Metro Manila, pursuant to Republic Act 7227 or the Bases Conversion and Development Act. It will be then allocated and distributed by the Department of Budget and Management to the AFP and other beneficiary agencies.
Of the disposition proceeds, almost 99 percent or P6.31 billion is allocated to the AFP for its modernization program, giving a boost to military forces who respond to crises and defend the country against all threats.
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.
Meanwhile, the BCDA also remitted P842.08 million in dividends to the BTr this year, in compliance with Republic Act 7656, which requires government-owned and -controlled corporations to declare and remit at least 50 percent of their net earnings to the National Government.
Another P161.97 million was also turned over to BTr in the form of guarantee fees, which were incurred in 2021 in relation to the government’s loan from the Japan International Cooperation Agency (JICA) for the Subic-Clark-Tarlac Expressway (SCTEX) Project.
Since its creation in 1992, the BCDA has already remitted P80.46 billion to the BTr as of May 2022. This amount consists of P67.18 billion in disposition proceeds, P7.93 billion in dividends, and P5.36 billion in guarantee fees and other obligations.