BCDA turns over P100M in dividends to Treasury

The Bases Conversion and Development Authority (BCDA) on Tuesday said it has remitted to the Bureau of the Treasury an additional P100 million in cash dividends, bring to P2.2 billion the state agency’s remittances to national coffers.

Earlier in June, the state-run agency had sent in P400 million cash dividends as well as P1.707 billion that represents the share of government agency-beneficiaries in the proceeds from the sale of BCDA’s assets as well as from revenues in joint ventures and lease agreements related to former military facilities.

Republic Act No. 7656 requires all government-owned and -controlled corporations to declare and remit to the national government at least half of their yearly net earnings as cash, stock or property dividends.

“The additional P100 million will play a significant role to bankroll the much-needed programs and projects of the Aquino administration toward inclusive growth,” BCDA president and chief executive Arnel Paciano D. Casanova said in a statement.

According to BCDA chief finance officer Nena D. Radoc, the dividends remitted this year is based on BCDA’s audited financial statements for 2013.

With more than P1 billion remitted in a year, BCDA is among the biggest GOCC contributors to the national coffers.

Currently, BCDA’s most ambitious project is the World Bank-backed development of the Clark Green City in Pampanga, which the agency said is expected to create 925,000 jobs and contribute to the domestic economy some P1.57 trillion yearly.