BCDA fattens national gov’t with over P8.4 billion
BCDA is the state corporation that converts former American military bases into commercial and industrial estates. Among its biggest current project is New Clark City in Tarlac, where lawmakers have filed a bill to create a P15-billion advanced industries zone tied to the Pax Silica initiative.
Photograph courtesy of bcda
The Bases Conversion and Development Authority (BCDA) has turned over P8,417,44’2,776.50 to the National Treasury, the largest remittance from the agency under the Marcos Jr. administration.
“Today we are proud that we are going to remit to the national government more than P8 billion pesos today. This will be the biggest under the present administration of President Marcos,” BCDA president and chief executive officer Joshua Bingcang said at the Department of Finance (DoF) headquarters in Manila on Thursday afternoon.
Under Republic Act 7227, or the Bases Conversion and Development Act of 1992, the BCDA is required to remit a portion of proceeds from the sale, lease or joint venture development of former military camps in Metro Manila.
Help fund AFP modernization
Its revenues help fund the Armed Forces of the Philippines (AFP) modernization program, support designated government beneficiaries and contribute to national finances.
“The more than P8.4 billion that we are remitting to the government is equivalent to close to 500 km of national roads, over 40 hospitals, and more than 9000 housing units,” Bingcang added.
“We expect more contributions to the government, especially to our Armed Forces of the Philippines being the biggest beneficiary of our revenues for contribution to the country's national security objectives.”
Following Thursday’s remittance, the agency's cumulative remittances from asset disposition reached P11.5 billion, 173 percent higher than last year.
Help ease taxpayers’ burden
Finance Secretary Frederick Go said the funds would help ease the burden on Filipino taxpayers.
“That's P11.5 billion to lighten the load of our taxpayers. That is what every return means — less burden and more relief to the people,” he said.