The Bases Conversion and Development Authority (BCDA) posted a record-high gross revenue of P22.1 billion in 2024, nearly three times higher than the P7.3 billion it earned in 2023, the agency announced Tuesday.

The surge in income exceeded BCDA’s initial projection of P11 billion and was primarily driven by joint venture agreements with private developers, which accounted for P13.9 billion of the total revenue.

Revenues from service concession agreements also grew to P3.4 billion, up from P2.5 billion in 2023, fueled by toll hikes and robust performance in airport operations—including increases in passenger volume, cargo movement, and flights.

Business and lease income contributed an additional P1.59 billion for the year.

“With our consistent push for innovation, strategic partnerships, and responsible development, BCDA remains steadfast in its mission to build smart, sustainable communities and deliver transformative infrastructure for generations to come,” said BCDA President and CEO Engr. Joshua Bingcang.

“These revenues are not just a figure. They represent opportunities for inclusive growth, quality jobs, and better lives for the Filipino people,” he added.

Created under Republic Act No. 7227, BCDA is mandated to convert former military bases into growth centers. It generates income through land disposition, leasing, joint ventures, and concession fees.

A portion of the earnings is remitted to the Bureau of the Treasury to support the Armed Forces of the Philippines Modernization Program and other beneficiary agencies. The rest is reinvested in infrastructure to enhance economic zones, improve regional connectivity, and attract further investments.