The Bases Conversion and Development Authority (BCDA) reported record revenue for 2024, exceeding the previous year's earnings, due to a new joint venture agreement for a mixed-use development project in Taguig City.
Joshua M. Bingcang, BCDA president and chief executive officer, said the state-run firm posted gross revenue of P11.3 billion from January to December, a three percent increase from the previous year.
Bingcang said the surge in revenue was largely attributed to the joint venture for the development of the 6.1-hectare mixed-use project in Bonifacio Capital District, Taguig City, which generated an initial payment of P3.5 billion.
“Through collaboration with partners that share our vision and efficient revenue generation efforts, the BCDA wrapped up 2024 as another banner year for the organization, sustaining good financial performance over the years,” Bingcang said in a statement over the weekend.
“This is fueled by our mission to build world-class cities and implement game-changing projects for the benefit of the Filipino people,” he added.
The agency also posted an increase in toll and airport concession revenues, which rose to P3.2 billion in 2024 from P2.3 billion in 2023.
Dividends from BCDA’s affiliates also contributed to the growth, increasing from P675 million in 2023 to P1 billion in 2024.
Bingcang added that the BCDA's projected revenue for 2025 is expected to remain above P10 billion.
He this this will be driven by BCDA’s ongoing efforts to promote strong partnerships and implement projects that drive economic growth and infrastructure development in the country.
"We are committed to continue generating strong revenues, as this will allow us to boost our support for our beneficiary agencies and stakeholders, especially our military forces,” Bingcang noted.
Under Republic Act 7227, also known as the Bases Conversion and Development Act, the BCDA is mandated to transform former military bases into centers of economic growth.
The agency generates income through various means, including proceeds from the sale, lease, and joint ventures of these properties, as well as concession fees and other receipts.
A portion of the proceeds is remitted to the Bureau of the Treasury through dividends and contributions to the Armed Forces of the Philippines and other beneficiary agencies. Additionally, some of the earnings are used to finance the BCDA’s infrastructure projects, further enhancing the competitiveness of its economic zones.