BCDA remits P3.13 billion in asset disposition proceeds – BusinessWorld Online
THE Bases Conversion and Development Authority (BCDA) remitted P3.13 billion to the Bureau of the Treasury, representing the proceeds of asset dispositions, the Department of Finance (DoF) said on Tuesday.
In a statement, the DoF said the latest remittance comes on top of the P2.04 billion cash dividend the BCDA announced earlier, equivalent to 80% of its net earnings last year.
The P3.13 billion represents the government’s share of 2024 asset disposition proceeds, “making its total contribution P5.17 billion,” the DoF said.
To boost nontax revenue, the DoF earlier requested government-owned or -controlled corporations (GOCCs) to increase the share of its net earnings remitted to the National Government to 75%.
Republic Act No. 7656 or the Dividend Law formally requires GOCCs to remit “at least 50%” of their earnings.
“If channeled to its mandated beneficiary, the Armed Forces of the Philippines (AFP), it can boost the welfare and the weaponry of our fighting men,” the DoF said.
The BCDA’s mandate requires it to help fund the modernization of the AFP while establishing integrated developments, dynamic business centers, and vibrant communities on the properties it controls.
“The railway alone to Clark and the subway to BGC are the state’s vote of confidence on the continuing viability of baselands conversion,” Finance Secretary Ralph G. Recto said.
“As we move forward, the BCDA remains fully committed to doing our part to grow regional economies, unlock more opportunities, and help build a stronger and more inclusive Philippines,” BCDA President and Chief Executive Officer Joshua Bingcang said. — Aubrey Rose A. Inosante