The Bases Conversion and Development Authority (BCDA) remitted over Php 527 million worth of dividends to the national government this year as part of its yearly commitment to beef up the state coffers for nation-building initiatives. This was on top of the remittances of BCDA to the national government in the form of share of beneficiary agencies, like the AFP Modernization Program, from the disposition proceeds, and guarantee fees for the loan of Subic-Clark-Tarlac Expressway (SCTEX).
This brings the total amount of BCDA’s dividends to the national government to Php 8.49 billion since its inception in 1993.
“This good financial standing is a result of BCDA’s steadfast commitment as one of the national government’s major partners in nation-building. To provide a consistent contribution to the national government, we will continue to build recurring revenue sources and effectively manage costs. This is part of BCDA’s underlying principle to do more with less given the tightening budget of the administration,” BCDA President and Chief Executive Officer Aileen R. Zosa said.
In its 2022 unaudited financial report, BCDA posted Php 1.05 billion in net earnings driven by continuing cash inflows from existing joint ventures and leases, other income-generating activities, and prudent use of funds.
Under Republic Act No. 7656 or the Dividend Law, all government-owned and controlled corporations (GOCCs) are required to declare and remit at least 50 percent of their annual net earnings to the national government.
BCDA had also remitted to the national government a total of Php 885 million in dividends last year, which was half of its Php 1.77 billion net earnings in 2021. This high earnings was fueled by windfall collections coming from the leases and assets for disposition, such as the joint venture agreement with SM Prime Holdings for the development of the Bonifacio South Pointe and the close-out agreement for the Serendra Property.