By Kathryn Jose

The Bases Conversion and Development Authority (BCDA) has transferred a total contribution of P5.17 billion to the national government.

“The P5.17 billion can build around 2,000 classrooms or buy fertilizer for more than half a million hectares of rice land, or a quarter billion hot meals for our children. If channeled to its mandated beneficiary, the Armed Forces of the Philippines can boost the welfare and the weaponry of our fighting men,” said Department of Finance (DoF) Secretary Ralph Recto.

DoF on Tuesday said the remittance consisted of record cash dividends amounting to P2.04 billion or 80 percent of the BCDA’s earnings last year.

This profit share surpassed the 75 percent required by the DoF from government-owned and controlled corporations.

BCDA’s assets processed

Meanwhile, DoF said the remaining amount of P3.13 billion came from the BCDA’s proceeds of disposed assets.

“The railway alone to Clark and the subway to BGC (Bonifacio Global City) are the state’s vote of confidence on the continuing viability of base land conversion.

“This helps the country attract investors, generate economic opportunities and raise the quality of living for all Filipinos,” Recto said.

BCDA president and chief executive officer Joshua Bingcang said the government corporation has already partnered with South Korean and Japanese firms to explore the construction of underground water dams in the 9,450-hectare New Clark City in Tarlac.