BCDA bags 15th straight top COA audit rating
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BASES Conversion and Development Authority (BCDA) President and Chief Executive Officer Joshua Bingcang (center) and other key officials and stakeholders inspect the site for the expansion of the Subic-Clark-Tarlac Expressway, Luisita Interchange.
Photo courtesy of BCDA
For its commitment to transparent and prudent utilization of public funds, the Bases Conversion and Development Authority (BCDA), a government-owned and controlled corporation mandated to transform former military camps into centers of growth, has received an “unqualified or unmodified opinion” from the Commission on Audit (COA) for the 15th time.
An unqualified or unmodified opinion is the highest audit rating that a government agency can receive, signifying that its financial statements are “free from material misstatements,” whether due to fraud or error.
“Getting the most favorable audit opinion for 15 consecutive years now is a testament that BCDA is serious in ensuring utmost transparency and accountability in our operations, especially in the management of public resources,” said BCDA President and CEO Joshua Bingcang.
Since 2010, the BCDA has consistently received an unqualified opinion from COA, with its financial statements deemed to “present fairly, in all material respects, the financial position” of the state-run firm and its financial performance and cash flows “under state accounting principles generally accepted in the Philippines.”
“These recognitions will not be possible without the hard work of the men and women of BCDA in ensuring that the public funds and resources are properly utilized. May we continue to serve our countrymen with unyielding and untainted dedication,” said Engr. Bingcang.
BCDA was formed via Republic Act No. 7227. Its revenues are generated through land disposition, lease, joint ventures, and concession fees.
A portion of these funds is remitted to the Bureau of the Treasury as dividends and contributions to the Armed Forces of the Philippines for its Modernization Program and other beneficiary agencies.
In its official report, BCDA generated P22.1 billion in gross revenues in 2024, tripling the P7.3 billion it produced in 2023.
As of July 2025, BCDA has remitted a record-high amount of P5.3 billion, consisting of P2.2 billion in dividends and P3.1 billion in contributions to beneficiary agencies, including the Armed Forces of the Philippines.
