BCDA, CDC remit P4.5 billion to National Treasury; Contribute P3.6 billion for AFP Modernization
Posted: May 10, 2017 | Category: General News
The state-owned Bases Conversion and Development Authority (BCDA) and its subsidiary Clark Development Corporation (CDC) recently remitted P4.5 billion to the National Treasury for the period January to December 2016, consistent with its financial contribution in the previous years.
BCDA said that of the P4.5 billion remitted to the Bureau of Treasury (BTr), P3.7 billion represented the share of the Armed Forces of the Philippines (AFP) and other government beneficiaries from the proceeds generated from existing joint venture and lease agreements.
Total dividends turned over by BCDA and CDC to BTr amounted to P582 million. The remaining amount represented Department of Finance (DOF) guarantee fees and return of initial capital contribution to the NG pursuant to the BCDA Charter.
Of the total P3.7 billion share of beneficiary agencies, P3.6 billion went to the AFP which received the lion’s share of the total proceeds generated last year. This brings to a total of P34.2-B remitted by BCDA for the AFP modernization program since 1993. This significant amount contributes to President Rodrigo R. Duterte’s critical mission of improving the country’s internal security and external defense by generating more funds for the modernization of our armed forces.
Pursuant to RA 7917 and EO 309, proceeds from disposition by BCDA of former military camps such as Fort Bonifacio, now developed into Bonifacio Global City, and the former Villamor Air Base, now Newport City, are to be shared by BCDA with the AFP and several government beneficiaries.
Every first quarter of the year, BCDA remits to the National Treasury the proceeds generated during the preceding year from the sale, joint venture and lease of the former military camps as well as dividends declared out of its net income.