BCDA revenues expected to hit P7B
STATE-RUN Bases Conversion and Development Authority (BCDA) expects a banner year this year with revenues seen hitting approximately P7 billion, due largely to a windfall profit from the Subic-Clark-Tarlac Expressway.
BCDA president and CEO Arnel Paciano D. Casanova explained in a briefing Monday that of the expected revenues, P3.5 billion would come from the upfront payment of Manila North Tollways Corp. (MNTC) made in February, as required under the SCTEx Business Agreement.
The said agreement, which would be in effect for 28 years until 2043, gave MNTC the responsibility over the management services, toll collection, traffic safety and security management, toll road and facilities maintenance, including greening and landscaping, public relations and marketing, and all necessary support services for the 94- kilometer SCTEx.
An estimated P2 billion is also expected to come from the agency’s share in the leases and joint venture deals in Bonifacio Global City; P875 million from the McKinley West; and another P160 million from Filinvest Land Inc. should the signing of a contract for a 288-hectare lot within Clark Green City push through within the year. The rest of the expected revenues will come from BCDA’s share in various partnerships and development deals across former military bases, Casanova said.
With higher revenues, the BCDA is expecting to be able to remit more to national government cof- fers next year and provide more funds for the Armed Forces of the Philippines’ modernization program.
The BCDA has generated P69.3 billion from its asset disposal program for the past 22 years from May 1993 up to end November 2015. Of the amount, P37.3 billion or 54 percent came from the sale of assets, while P23.5 billion came from joint venture deals entered into by the BCDA with the private sector. Another P6.9 billion came from leases and other receipts reached P1.1 billion.
Of the P69.3 billion, the AFP got the lion’s share of P27.3 billion (39 percent) for its modernization program, while the BCDA retained P15.5 billion for funding shares in joint venture projects.