THE Bases Conversion and Development Authority (BCDA) remitted to the Bureau of the Treasury a total of P5.22 billion in dividends and proceeds of an asset sale last year, the highest total generated by the agency since 2012, the Finance department said in a statement.
Of the total, P4.839 billion was generated from assets disposed of by the BCDA — which will go to the Armed Forces of the Philippines (AFP) Modernization Program, among others.
Under Republic Act No. 10349, or the Revised AFP Modernization Act of 2012, the BCDA has the authority “as the corporate arm of the AFP and the Department of National Defense (DND), in the disposition and development of camps not covered by RA 7227 (the BCDA charter).”
Dividends amounted to P130 million, while guarantee fees totaled P250 million.
Under Republic Act No. 7656, government-owned and -controlled corporations (GOCCs) are required to remit 50% of their annual net earnings to the national government, as dividends.
Bureau of the Treasury (BTr) data show that BCDA remittances totaled P3.93 billion in 2016, of which P3.39 billion helped fund the AFP Modernization Program.
In 2015, overall remittances from the BCDA totaled P3.201 billion, of which P1.5 billion went to the AFP Modernization Program.
In 2014, remittances were P2.207 billion, of which P1.588 billion went to military modernization. In 2013, the agency generated P2.389 billion, with P1.692 billion earmarked for military modernization.
In 2012, prior to the enactment of Republic Act No. 10349, BCDA remitted P348 million, of which P245 million went to the military modernization.
RA 10349 also extends the AFP’s modernization program for another 15 years.
In its statement, the BCDA said contributions to the AFP Modernization Program are up 300% from the average contribution of P1.5 billion from 2006 to 2015.
“To date, the BCDA has raised a total of P36.6 billion for the AFP modernization program which is allocated for the purchase of military equipment to ensure sustained capability upgrade of the Armed Forces,” the BCDA said in the statement.
“Of the amount, P25.2 billion accounts for the AFP share while P11.4 billion is earmarked for the replication of military facilities such as housing units, hospitals, churches, and museums, among others. This is in line with BCDA’s mandate to strengthen the Armed Forces while building great cities,” it added. — Elijah Joseph C. Tubayan
