BCDA doubles remittances to NG, gives P1.1B

THE Bases Conversion and Development Authority (BCDA) said it doubled its remittances to the government, contributing P1.1 billion in dividends in 2024 from the P527 million in 2023. In a statement on Wednesday, BCDA said it has remitted P1.1 billion in dividends to the Bureau of the Treasury (BTR), “providing additional support for the national government’s expenditures and efforts to propel economic growth this year.”

This brought BCDA’S total dividends to the national government to almost P9.6 billion since its inception in 1992.

According to BCDA President and Chief Executive Officer Joshua M. Bingcang, the state-run firm’s dividend remittance to the national government, “reflects its sustained good financial standing amid efficient revenue generation and expenditure management.”

This year, Bingcang said, “We are remitting more than the share mandated by the law as testament to our commitment to nation building.”

On top of dividends, the BCDA said it also remits to the BTR guarantee fees for the loan of Subic-clark-tarlac Expressway (SCTEX), as well as proceeds from its asset disposition program, which is distributed to “several” beneficiary agencies, primarily the Armed Forces of the Philippines (AFP).

Republic Act 7656 or the Dividend

Law requires all government-owned and -controlled corporations (GOCCS) to declare and remit at least 50 percent of their net earnings as dividends.

The BCDA said its remittance this year represents 75 percent of its net earnings in 2023.

In 2022, BCDA said it remitted P885 million in dividends to the national government, or half of its P1.77-billion net earnings in 2021. The agency’s earnings in 2022 was fueled by “windfall collections” coming from the leases and assets for disposition, such as the joint venture agreement with SM Prime Holdings to develop the Bonifacio South Pointe and the close-out agreement for the Serendra Property.

BCDA is a development corporation vested with corporate powers under Republic Act 7227 or the Bases Conversion and Development Act of 1992.

The agency is mandated to help strengthen the Armed Forces and engages in public-private partnerships “to push forward vital public infrastructure such as tollways, airports, seaports, and also major real estate developments.”

The BCDA Group is composed of the BCDA and its subsidiaries—the Clark Development Corporation, the Clark International Airport Corporation, the Poro Point Management Corporation, the John Hay Management Corporation, and the North Luzon Railways Corporation.