BCDA turns over P2.3B to Treasury | Inquirer Business

BCDA turns over P2.3B to Treasury

By: - Reporter / @amyremoINQ
/ 06:12 AM June 12, 2013

MANILA, Philippines—The Bases Conversion and Development Authority has contributed P2.309 billion to the nation’s coffers. The amount is said to be the fourth-biggest to be turned over by a government-owned and -controlled corporation (GOCC).

In a statement, BCDA president and CEO Arnel Paciano D. Casanova said the amount represented the dividend share of the government and the share of state-run beneficiary agencies from the BCDA’s asset disposition program.

Of the P2.3 billion, the lion’s share, or P1.691 billion, would be turned over to the Armed Forces of the Philippines; P549 million would go to the government; P63.22 million would be for other beneficiary agencies; while the remaining P5.467 million represented the shares of the local governments of Taguig, Pateros and Makati.


BCDA’s remittance, covering the period of January to December 2012, is expected to fund the government’s anti-poverty programs and government services, as well as the modernization of the AFP.


“The revenue generated will go a long way to ensure that there is inclusive growth and development for all. It will also contribute in modernizing our armed forces by acquiring the much needed hardware … to defend our land and address both internal and external threats,” Casanova explained.

He said that the amount intended for the AFP Modernization Program would also serve to beef up the search and rescue capabilities of the AFP in times of calamity.

A total of 38 GOCCs, including BCDA, remitted P28 billion to the National Treasury. The Philippine Amusement and Gaming Corp. contributed the largest amount at P7.182 billion. It was followed by Land Bank of the Philippines with P6.241 billion, and the Development Bank of the Philippines, with P3.166 billion.

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TAGS: Bases Conversion and Development Authority, Finance, government corporations, Philippines

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