BCDA remits P1.1 billion to government

MANILA, Philippines — The Bases Conversion and Development Authority (BCDA) has remitted P1.1 billion in dividends to the national government to support efforts to drive economic growth.

The state agency said the amount was almost 50 percent higher than last year’s P527 million.

This brings BCDA’s total remitted dividends to the national government to P9.6 billion since its inception.

“The BCDA’s higher dividend remittance to the national government reflects its sustained good financial standing amid efficient revenue generation and expenditure management,” BCDA president and CEO Joshua Bingcang said.

For this year, Bingcang said the BCDA is remitting more than the share mandated by the law to show its commitment to nation building.

Under Republic Act 7656 or the Dividend Law, government-owned and controlled corporations are mandated to declare and remit at least 50 percent of their net earnings as dividends to the national government.

The BCDA’s remittance this year represents 75 percent of its net earnings in 2023.

Aside from dividends, the BCDA also remits to the Treasury the guarantee fees for the loan of Subic-Clark-Tarlac Expressway.