The Bases Conversion and Development Authority (BCDA) has remitted a record-breaking P2.04 billion in dividends to the national government this year, marking a 30.68 percent increase from last year’s P1.56 billion.
In a press release Saturday, the agency said the dividend payout was formally turned over to the Bureau of the Treasury (BTr) n May 15, representing 80 percent of BCDA’s 2024 net earnings -- far exceeding the 50 percent minimum required under the Dividend Law (Republic Act 7656) and the Department of Finance (DOF) call for government-owned and -controlled corporations (GOCCs) to remit at least 75 percent of their net income.
This is on top of the P3.13 billion remitted by the BCDA as a share of asset disposition proceeds collected in 2024, slated for distribution to several beneficiary agencies.
It is also in addition to the P46 million guarantee fees paid by the BCDA to the BTr in relation to the government’s loan from the Japan International Cooperation Agency for the Subic-Clark-Tarlac Expressway Project.
These figures bring the BCDA’s total remittance to the BTr to P5.21 billion as of mid-May.
"The BCDA’s record-high dividend remittance is proof of the agency’s robust financial position, driven by our unwavering commitment to transforming former military bases into bustling economic hubs through high-impact public-private partnerships,” BCDA president and chief executive officer Joshua Bingcang said.
The dividends will provide crucial support for the national government’s programs and further fuel collective efforts to foster inclusive and sustainable economic growth in the country.
The Dividend Law mandates all GOCCs to declare and remit at least 50 percet of their net earnings as dividends.
To further boost the national government’s non-tax revenues, the DOF asked GOCCs to raise remittance to at least 75 percent.
Republic Act 7227 or the BCDA Act also mandates the agency to contribute a portion of its income from the sale, lease or joint venture developments of former military camps in Metro Manila to Armed Forces of the Philippines for its modernization program, as well as other beneficiary agencies.
Early this month, the BCDA reported P7.72 billion worth of investments from January to March this year, more than triple compared to the investments facilitated in the same period in 2024 at P2.49 billion.
BCDA PHOTO
