BCDA remits additional P1B to National Treasury

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THE state-owned Bases Conversion and Development Authority (BCDA) said on Tuesday it has remitted an additional P1 billion to the Bureau of Treasury (BTr).
This brings its total remittances to the national government so far this year to P3.201 billion.

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Last March, the BCDA remitted P2.201 billion to the BTr for the period January to December 2014. The amount represented the national government’s dividend share and the share of government beneficiary agencies from BCDA’s asset disposition proceeds.

BCDA president and chief executive officer Arnel Paciano Casanova said that the latest remittance represents its partial payment of guarantee fees for the Subic-Clark-Tarlac Expressway (SCTEx) for the year 2014.

The BCDA is the builder and owner of the 94-kilometer SCTEx. The toll road was funded through a concessional loan from the Government of Japan through the Japan Bank for International Cooperation (JBIC).

“The P3.2 billion that we have remitted will go a long way in funding the government socio-economic programs and projects as well as the AFP [Armed Forces of the Philippines] Modernization Program. Considering that the BCDA is not a gaming or banking-related GOCC [government owned or controlled corporation], we are quite happy with our performance,” Casanova said.

Pursuant to Section 3 of the Republic Act No. 7656, all GOCCs are required to declare and remit at least 50 percent of their annual net earnings as cash, stock or property dividends to the national government.

He said the remaining P1.701 billion was the share of several government beneficiaries from the proceeds generated from existing joint venture and lease agreements and assets disposed in 2014.

Of this amount, the AFP got the lion’s share at P1.499 billion. The share of the other government beneficiary agencies amounted to P189.67 million, while the remaining P12.75 million represented the shares of the local government units of Taguig, Pateros and Makati.

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