BCDA remittance for AFP modernization hits record high P8.8 billion as need for external defense rises

From Ang Malaya (Jul 22): BCDA remittance for AFP modernization hits record high P8.8 billion as need for external defense rises

The Bases Conversion and Development Authority (BCDA), the government-owned body transforming ex-US military bases into alternative productive civilian use, reports that it has remitted a total of PhP8.84 billion to the Bureau of Treasury (BTr) for the Armed Forces of the Philippines (AFP) Modernization Program from June 2010 to June 2015. The said remittance surpasses the total remitted cash from 1993 to June of 2010 worth PhP8.233 billion.

The said record breaking remittance is well in time as Philippine military transitions its focus from insurgency to territorial defense.

“In the past five years of the Aquino Administration, the BCDA has remitted more for the modernization of our armed forces compared to what BCDA had remitted from 1993 to June 2010 or for a span of 17 years,” BCDA President and CEO Arnel Paciano D. Casanova said.

Casanova said the “Tuwid na Daan” policy of the current administration played the major role in setting the right market conditions and environment for a competitive and level playing field in the disposition through sale, lease and forging joint-venture agreements of former Metro Manila military camps the biggest of which are Fort Bonifacio and portions of Villamor Airbase now called Bonifacio Global City and Newport City respectively.

“The Philippines and China are currently engaged in a territorial dispute concerning the West Philippine Sea. The increased remittance will go a long way in acquiring the military equipment to defend our territory,” Casanova said.

http://www.angmalaya.net/nation/2015/07/22/12304-bcda-remittance-for-afp-modernization-hits-record-high-p8-8-billion-as-need-for-external-defense-rises