BCDA remits P100-M cash dividend to Treasury

MANILA, Philippines - The Bases Conversion and Development Authority (BCDA) has remitted P100 million worth of additional cash dividends to the Bureau of Treasury.

According to BCDA president and chief executive officer Arnel Paciano Casanova, the P100 million is on top of the P400 million cash dividends and the P1.707 billion representing the share of government agencies from BCDA’s Asset Disposition Program already remitted to the National Treasury in June.

The additional amount brings the BCDA’s total remittance to the National Treasury in 2014 to P2.2 billion.

With its remittance exceeding P1 billion, the BCDA now belongs to the Billionaires’ Club of Government Owned and Controlled Corporations (GOCCs).

“The additional P100 million will play a significant role to bankroll the much needed programs and projects of the Aquino Administration towards inclusive growth,” Casanova said.

BCDA chief finance officer Nena Radoc said the total dividends remitted to the National Treasury was based on the state-run firm’s 2013 audited financial statements.

The remittance of dividends is in line with Section 3 of Republic Act (RA) 7656, which requires all GOCCs to declare and remit at least 50 percent of their annual net earnings as cash, stock or property dividends to the national government.  

The BCDA was created by RA 7227 in 1992, with the mandate to transform former US military bases into alternative productive civilian use.

The BCDA Group is composed of the BCDA Management & Holdings, Inc., Clark Development Corp., Clark International Airport Corp., Poro Point Management Corp.,  John Hay Management Corp., Bataan Technology Park, Inc. and North Luzon Railways Corp.

It engages in public-private partnerships to push forward vital public infrastructure such as tollways, airports, seaports as well as major real estate developments.

Among the economic centers developed by the BCDA are the Bonifacio Global City in Taguig City and the Newport City in Pasay City. 

The BCDA has also completed the Subic-Clark-Tarlac Expressway, and plans to develop further the Diosdado Macapagal International Airport, among others.