BCDA turns over P8.4 billion as Bingcang’s transfer looms

The Bases Conversion and Development Authority (BCDA) has turned over P8,417,442,776.50 to the National Treasury, the largest remittance from the agency under the Marcos Jr. administration and potentially the last under current president and CEO Engr. Joshua Bingcang.

“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,” Bingcang said at the Department of Finance (DOF) headquarters in Manila on Thursday afternoon.

Under Republic Act No. 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. 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 pesos 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.

Finance Secretary Frederick Go said the funds would help ease the burden on Filipino taxpayers.

“That's Php 11.5 billion to lighten the load of our taxpayers. That is what every return means – less burden and more relief to the people,” he said.

Go also hailed Bingcang’s three decades of service at the BCDA, as the latter’s reported transfer to the Philippine Economic Zone Authority (PEZA) remains subject to an official announcement from Malacañang.

“The country is fortunate that he will now bring his expertise to the country's second largest investment promotion agency,” he said.

“Beyond your remittances, which are impressive on their own, we also see how you are turning public land into thriving economic hubs – centers of excellence, centers of business activity that we can all be proud of.”

Reports have pointed to a possible reshuffling within the country's trade and finance departments, with Bingcang reportedly moving to PEZA in an as-yet undisclosed role, while current DOF Undersecretary Rolando Ligon is reportedly being considered to head the Bureau of Internal Revenue (BIR).

Current BIR Commissioner Charlito Mendoza is rumored to be taking over the Bureau of Customs following the announced departure of Commissioner Ariel Nepomuceno, which was separately disclosed on Thursday afternoon.

Speaking to reporters on the sidelines of Thursday’s event, Go urged them to wait for an official announcement from the Office of the President.

“We all serve at the pleasure of the president. It's the president's prerogative to appoint the right person for the right position,” he said.