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BCDA remits P3.31B to AFP

June 20, 2023 Christian D. Supnad 155 views

THE Bases Conversion and Development Authority (BCDA) remitted Php3.31 billion to the Armed Forces of the Philippines (AFP) this year, representing a major share from the state firm’s disposition proceeds as proof of its commitment to help strengthen the country’s troops.

“Recognizing the AFP as our major stakeholder, the BCDA always ensures that our Armed Forces receive the biggest chunk from our gross disposition income every year. Our consistent contribution to the military is possible through great efforts to sustain our robust financial standing, bolstered by excellent collection efforts and sound management,” said BCDA Acting President and Chief Executive Officer Joshua M. Bingcang.

This year’s contributions declined by 54 percent as compared to last year’s level of P7.21 billion due to the delay in the clearing and turnover to the developer of a portion of the Bonifacio South Pointe property caused by the COVID-19 pandemic.

Since its establishment in 1992, the BCDA’s cumulative contributions to the AFP amounted to P59.71 billion, accounting for 44.34 percent of the P134.66 billion disposition proceeds as of end-2022.

Pursuant to its mandate under Republic Act 7227 or the Bases Conversion and Development Act, the BCDA generates income from the sale, lease or joint venture arrangements with private sector partners in former military camps in Metro Manila.

These proceeds are remitted to the Bureau of the Treasury every year, which are then allocated and distributed by the Department of Budget and Management to the AFP and other beneficiary agencies.

Aside from the AFP, other beneficiary agencies also received Php235.08 million in contributions from the BCDA. These include the National Housing Authority, National Home Mortgage Finance Corp., Home Insurance Guaranty Corp., Department of Public Works and Highways, Department of Transportation, Philippine Health Insurance Corp., Department of Science and Technology, Department of Social Welfare and Development, and Department of Labor and Employment, among others.

Meanwhile, the contiguous cities of Makati and Taguig, and the municipality of Pateros were provided P4.79 million.