State-owned Bases Conversion and Development Authority (BCDA) turned over a total of P2.64 billion to the national treasury, representing the government’s share in dividends and proceeds from the asset disposition program.
In a statement, BCDA president and CEO Arnel Paciano D. Casanova said the amount would “augur well for the government’s anti-poverty programs and provision of better government services.”
Casanova explained that of the total amount, P180 million represented dividends of the government in BCDA.
Under Republic Act 7656, all government-owned and -controlled corporations (GOCCs) are required to declare at least 50 percent of their annual net earnings as cash, stock or property dividends and remit this to the government.
“The P180 million we remitted was more than 50 percent of BCDA’s earnings,” Casanova noted.
The disposition of former Metro Manila military camps, which include the former Fort Bonifacio, now developed into Bonifacio Global City; and the former Villamor Air Base, now Newport City, accounted for the bulk of the proceeds.
According to Casanova, a number of government agencies are entitled to a share from the asset disposition proceeds of P2.46 billion. However, the Department of Budget and Management will be the agency responsible for distributing the BCDA remittances among the entitled agencies, based on the approved fiscal program of the government.
The lion’s share of the proceeds will go to the Armed Forces of the Philippines and the government arsenal with P2.37 billion.
Other entitled agencies are the Departments of Public Works and Highways and of Transportation and Communications, with P17.869 million; Philippine Health Insurance Corp., P10.721 million; Mount Pinatubo Assistance, Rehabilitation and Development Fund, P10.721 million; and Philippine Veterans Affairs Office, with P7.147 million.
Also entitled to a share of the proceeds are the Department of Science and Technology, P7.147 million; National Bureau of Investigation, Bureau of Corrections, Philippine National Police and the Bureau of Jail Management and Penology, P7.147 million; Departments of Education, Culture and Sports and of Social Welfare and Development, P7.147 million; Philippine Economic Zone Authority, P7.147 million; and Commission on Higher Education, with P3.574 million.