The state-owned Bases Conversion and Development Authority (BCDA) on Tuesday said it has remitted a total of P8.84 billion to the Bureau of Treasury (BTr) for the Armed Forces of the Philippines (AFP) Modernization Program under the Aquino administration.
According to BCDA President and Chief Executive Officer Arnel Paciano Casanova, the P8.84 billion in cash that it remitted to the BTr for the modernization program from July 2010 to June 2015 or the past five years has surpassed the P8.233 billion that it remitted from 1993 to June 2010.
“In the past five years of the Aquino administration, the BCDA has remitted more for the modernization of our Armed Forces compared to what BCDA had remitted from 1993 to June 2010 or for a span of 17 years,” Casanova said.
He added that the “tuwid na daan” (straight path) policy of President Benigno Aquino 3rd has played a significant role in setting the right market conditions and environment for a competitive and level playing field in the disposition through sale, lease and forging joint-venture agreements of former Metro Manila military camps, the biggest of which are Fort Bonifacio and portions of Villamor Air Base now called Bonifacio Global City and Newport City, respectively.
A significant portion of the revenues generated from the sale, lease and joint venture agreements forms the BCDA’s contribution to the AFP Modernization Program.
Casanova said the all-time high remittance of P8.84 billion in cash to the BTr continues to play a major role to procure the much needed military hardware and equipment to defend and protect the Philippines.
“The Philippines and China are currently engaged in a territorial dispute concerning the West Philippine Sea [South China Sea]. The increased remittance will go a long way in acquiring the military equipment to defend our territory,” he added.
Casanova said the BCDA is committed to generate more revenues from its asset disposition program to increase further its contribution to the modernization program.
The BCDA remitted a total of P17.081 billion in cash to the BTr for the program from 1993 to June 2015.
Casanova pointed out that the P17.081-billion share for the AFP Modernization Program was directly remitted to the BTr.
In turn, the Department of Budget and Management is responsible for the programming and releasing of the appropriation to the AFP to finance its modernization program.