BCDA Group remits P4.5 B

State-owned Bases Conversion and Development Authority (BCDA) and subsidiary Clark Development Corp. (CDC) have remitted P4.5 billion to the national treasury in 2016, bulk of which will go for the modernization of the Armed Forces of the Philippines (AFP).

The amount, which represents proceeds generated during the preceding year from the sale, joint venture and lease of the former military camps as well as dividends declared out of its net income, is consistent with its financial contribution in the previous years, according to the BCDA.

Of the P4.5 billion remit- ted to the Bureau of Treasury (BTr), P3.7 billion is the share of the AFP and other government beneficiaries from the proceeds generated from existing joint venture and lease agreements.

AFP received the lion’s share of this amount at P3.6 billion.

BCDA said this now brings the total amount remitted for the AFP modernization program since 1993 to P34.2billion.

“This significant amount contributes to President Rodrigo Duterte’s critical mission of improving the country’s internal security and external defense by generating more funds for the modernization of our armed forces,” the BCDA said.

Total dividends turned over by BCDA and CDC to BTr, meanwhile, amounted to P582 million.

Pursuant to RA 7917 and EO 309, proceeds from disposition by BCDA of former military camps such as Fort Bonifacio, now developed into Bonifacio Global City, and the former Villamor Air Base, now Newport City, are to be shared by BCDA with the AFP and several government beneficiaries.

Every first quarter of the year, BCDA said it remits to the national treasury the proceeds generated during the preceding year from the sale, joint venture and lease of the former military camps as well as dividends declared out of its net income.