STATE-OWNED Bases Conversion and Development Authority (BCDA) and its subsidiary Clark Development Corp. (CDC) remitted P4.5 billion to the national treasury, covering revenue generated last year.
In a statement on Wednesday, BCDA said the P3.7 billion out of the P4.5 billion transferred to the Bureau of the Treasury (BTr) accounted for the share of the Armed Forces of the Philippines (AFP) and other government beneficiaries. The money comes from the proceeds from existing joint venture and lease agreements.
The dividends turned over by BCDA and CDC to the BTr totaled P582 million.
The balance represented the guarantee fees of the Department of Finance and the initial capital contribution to the national government under the BCDA Charter.
The lion’s share of P3.6 billion went to the AFP, which brings to P34.2 billion the amount of remittances to the AFP modernization program since 1993.
This is a contribution to President Rodrigo 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, according to the BCDA.
In line with Republic Act 7917 and Executive Order 309, proceeds from former military camps such as Fort Bonifacio (now Bonifacio Global City) and the former Villamor Air Base (now Newport City) are to be shared with the AFP and other government beneficiaries.
BCDA makes remittances to the national treasury once a year, usually in the first quarter of the calendar year.