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BCDA doubles dividends to state coffers

Business

BCDA doubles dividends to state coffers

By Gabriell Christel Galang

State-owned Bases Conversion and Development Authority (BCDA) has doubled its dividend remittance to support the government’s spending and strengthen economic growth.

In a statement on Wednesday, April 24, BCDA reported that it has remitted P1.1 billion in dividends to the Bureau of the Treasury, twice the amount of its contribution to the state coffers as compared to the previous year.

BCDA President and Chief Executive Officer Joshua M. Bingcang said that the higher dividend remittance attests to the company’s financial standing amid revenue generation and expenditure management.

“We are remitting more than the share mandated by the law as a testament to our commitment to nation-building,” he added.

Meanwhile, Bingcang also said they will remit guarantee fees for the loan of the Subic-Clark-Tarlac Expressway (SCTEX) and proceeds from the assets disposition program dispersed to various beneficiary agencies like the Armed Forces of the Philippines.

BCDA’s remittance to the Treasury is in line with the Dividend Law or Republic Act 7657, which states that all government-owned and controlled corporations (GOCCs) must remit at least 50 percent of their net earnings as dividends to the government.

Since then, the state enterprise’s contribution for this year is at 75 percent of the 2023 net earnings.

Related Tags

REMITTANCE BCDA Bureau of the Treasury

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