MANILA, July 15 (PNA) — The state-owned Bases Conversion and Development Authority (BCDA) has remitted Php49.17 billion to the National Government from 1993 to May 2015.
BCDA President and Chief Executive Officer Arnel Paciano D. Casanova told the Philippines News Agency that the Php49.17 billion remittance to the nation’s coffer is consist of asset disposition proceeds, taxes, dividends, and guarantee fees.
Over half of the said amount or a total of Php28.46 billion went to the Armed Forces of the Philippines (AFP) which is BCDA’s major stakeholder.
As mandated by law, BCDA is responsible in transforming former military bases into alternative productive civilian use particularly promoting economic growth in nearby areas.
The amount remitted to the AFP will fund its modernization program.
During the Aquino administration alone, the government-owned and controlled corporation (GOCC) has remitted Php14.73 billion to the Bureau of Treasury and the Bureau of Internal Revenue. Of the total, Php6.74 billion went to the modernization program of AFP.
“The remittance will help fund National Government’s development projects including the modernization of the AFP to improve our country’s defense,” Casanova said.
“The shares of the AFP and the 14 government beneficiaries were directly remitted to the National Treasury. In turn, the Department of Budget and Management (DBM) is responsible for the programming and releasing the appropriation to the AFP to finance their modernization program,” he added.
In the past years, BCDA belongs to the so-called “Billionaires’ Club” of GOCCs despite not being a bank or financial institution. (PNA)