BCDA’s remittance to beneficiaries declines 54% in 2023

THE Bases Conversion and Development Authority (BCDA) remittance to the Bureau of the Treasury declined by 54% from P7.21 billion in 2023.

For this year’s remittance, the BCDA allotted P3.31 billion to the Armed Forces of the Philippines, representing a major portion of the agency’s disposition proceeds, the development corporation said on Monday.

“This year’s contributions declined… due to the delay in the clearing and turnover to the developer of a portion of the Bonifacio South Pointe property caused by the COVID-19 pandemic,” the BCDA said in a statement.

For other beneficiaries, the BCDA remitted P235.08 million in contributions. These include the National Housing Authority, Department of Public Works and Highways, Department of Transportation, Department of Science and Technology, Department of Social Welfare and Development, and Department of Labor and Employment, among others.

Meanwhile, the cities of Makati and Taguig as well as the Pateros municipality were provided P4.79 million.

BCDA Acting President and Chief Executive Officer Joshua M. Bingcang said that the agency will always ensure to give the biggest chunk of its gross disposition income each year.

“Our consistent contribution to the military is possible through great efforts to sustain our robust financial standing, bolstered by excellent collection efforts and sound management,” he said in a statement.

Since its establishment in 1992, the cumulative contributions of the BCDA to the AFP have amounted to P59.71 billion, accounting for 44.34% of the P134.66 billion disposition proceeds as of end-2022.

The BCDA generates income from the sale, lease or joint venture arrangements with private sector partners in former military camps in Metro Manila.

The proceeds from these revenue-generating activities are remitted to the Bureau of the Treasury every year, which are then allocated by the Department of Budget and Management to the AFP and other beneficiary agencies. — Justine Irish D. Tabile