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BCDA remits P4.8B to gov’t

The Bases Conversion and Development Authority (BCDA) said its contribution to the Armed Forces of the Philippines modernization program tripled in the first year of the Duterte administration compared to the average annual contribution in the previous nine years.

In a statement on Monday, the state-owned firm said it had remitted almost P5 billion to the Bureau of Treasury, which it says is the highest amount it generated for the AFP.

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The state-owned agency recently turned over P1.2 billion to the AFP in addition to the P3.6-billion contribution remitted earlier this year from the sale of assets and rental revenues, for a total of P4.8 billion, which is equivalent to a 300-percent increase from the average annual contribution of P1.5 billion from 2006 to 2015, the statement read.

The amount was also double the 2015 remittance of P2.2 billion, the BCDA said.

The BCDA said it had raised a total of P36.6 billion for the AFP modernization program, which is allocated for the purchase of military equipment to ensure it sustained the capability upgrade of the AFP.

Of the amount, P25.2 billion accounts for the AFP share while P11.4 billion is earmarked for other facilities such as housing units, hospitals, churches and museums.

Since its creation in 1992, the BCDA has contributed in enhancing the capabilities of the AFP through the disposition and development of former military bases into productive civilian use, which resulted in economic hubs like Bonifacio Global City in Taguig City and Newport City in Pasay City.

Also, as part of its corporate social responsibility program, BCDA allocated a P5-million fund for the hospitalization assistance of wounded soldiers who fought in the Marawi siege.

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TAGS: Bases Conversion and Development Authority (BCDA), Business
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