On behalf of the Bureau of Treasury, Department of Finance (DOF) Secretary Ralph G. Recto (second to the left) received a cheque worth Php1.1 billion from the Bases Conversion and Development Authority (BCDA) on April 29, representing its dividends remittance for 2024 to help beef up the national coffers.

The amount is double than its total remittance of PHP 527 million in 2023 and brought BCDA’s total dividend contribution to the national government to around PHP 9.6 billion since its inception in 1992.

The ceremonial turnover was led by BCDA Chairman Delfin N. Lorenzana (rightmost) and President and CEO Joshua M. Bingcang (second the right). It was also witnessed by DOF Undersecretary Maria Luwalhati C. Dorotan-Tiuseco (leftmost).

>This ceremonial turnover of cash dividends was done after the signing of a memorandum of understanding between Maharlika Investment Corporation and BCDA in Bonifacio Global City.

According to Secretary Recto, these dividends will fund the national government’s programs and projects. This will also fund BCDA’s beneficiary agencies, with the Armed Forces of the Philippines as the biggest shareholder.