BCDA posts record high cash position of P17.6B IN 2015
Posted: June 14, 2016 | Category: General News
The state-owned Bases Conversion and Development Authority (BCDA) said its cash position recorded as of end-2015 hit an all-time high of P17.6 billion compared to the P12.6 billion it registered at end-2014.
BCDA President and CEO Arnel Paciano D. Casanova said the P17.6 billion represents a 40 percent increase in the agency’s financial strength and liquidity from its 2014 figure.
Casanova pointed out, however, that BCDA’s cash position significantly improved during the Aquino Administration mainly due to the combination of good governance and healthy market conditions that paved the way for better contract terms and higher collection.
“When we started at 2011, our cash position was modestly pegged at P7.4 billion but by the end of 2015 we have significantly improved it by 132 percent to P17.6 billion,” Casanova said.
During the Aquino administration, BCDA’s cash positions were recorded at P7.4 billion at end-2011, and rose to P9.2 billion in 2012, P10.4 billion in 2013, P12.6 billion in 2014, and Php17.6 billion in 2015.
Casanova noted that the numbers did not come easy and it took a strong, clear and decisive action in keeping with BCDA’s role as a steward of government property.
“We focused in creating and maximizing the value of lands under BCDA’s stewardship as well as plugging revenue leaks,” he said.
Casanova also said that because of the Aquino Administration’s sound macroeconomic fundamentals, the real estate sector continues to be very attractive.
“Unlike during the financial crisis in 1997 and 2008 where the property sector was at a slump, the property sector in the past five years has been very attractive and continues to have a strong market momentum. This translated to much better revenues from the sale, lease and joint venture development of BCDA properties,” Casanova said.
He said that P1.5 billion was collected from the partial proceeds of the Fort Bonifacio Development Corporation’s sale of the NCBD parcels located north of Bonifacio Global City, Fort Bonifacio, in Taguig City.
Casanova said BCDA’s strong cash position will allow the country’s top asset management and development agency to bankroll its programs and projects that will play a major role in performing its mandate and boost the country’s economy.
He said among the projects that the BCDA has embarked on is the creation of a new metropolis outside Metro Manila called Clark Green City—envisioned to become the country’s first smart, green and disaster-resilient city.
Last April, President Aquino led the ground breaking ceremony for the country’s newest urban core.
According to Casanova, the development of the 9,450-hectare Clark Green City will be in phases. The first phase that comprises 288 hectares will be developed by BCDA and its joint-venture partner, property developer giant Filinvest Land Inc. The Filinvest parcel will have two distinct components: an industrial zone and a mixed-used development with residential, office, commercial and institutional elements.
At full development, Clark Green City will have some 1.12 million residents, 800,000 workers and contribute a gross output of approximately P1.57 trillion per year to the national economy or roughly four percent share in the county’s Gross Domestic Product (GDP).
Casanova pointed out that Green City is also perfectly suited to become a back-up government center because it will be built to be disaster-resilient, taking into consideration the ill effects of climate change and other natural disasters.
Earlier, Casanova said, construction of the access roads leading to Clark Green City is now full-blast.