BCDA remits P1.1 billion to national coffers

FILE PHOTO

CLARK FREEPORT, Pampanga — The Bases Conversion and Development Authority (BCDA) on Wednesday reported remitting P1.1 billion in dividends to the Bureau of the Treasury, raising its total remittance to P9.6 billion since 1992.

BCDA president and chief executive officer Joshua Bingcang said the agency’s dividends “provide additional support for the national government’s expenditures and efforts to propel economic growth this year.”

The BCDA is the agency overseeing the transformation of former military bases and facilities rented by the United States until the Senate ordered the closure in 1991.

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Bingcang said the 2024 remittance doubled from P527 million in 2023, noting that this showed “sustained good financial standing amid efficient revenue generation and expenditure management.”

He said that aside from the dividends, the BCDA also remits to the treasury those guarantee fees for the loan of Subic-Clark-Tarlac Expressway (SCTEX) and proceeds from its asset disposition program that “primarily” go to the modernization program of the Armed Forces of the Philippines.

The remittances, he added, comply with Republic Act 7656, or the Dividend Law, which requires all government-owned and -controlled corporations to declare and remit at least 50 percent of their net earnings as dividends.

According to him, BCDA’s remittance this 2024 represents 75 percent of its net earnings in 2023. INQ