AFP gets P3.31B from BCDA

From the Manila Times (Jun 21, 2023): AFP gets P3.31B from BCDA (By Jerry M. Hernandez and Frederick Silverio)

The Bases Conversion and Development Authority (BCDA) has remitted P3.31 billion to the Armed Forces of the Philippines (AFP) this year as a contribution to the military's modernization efforts.

In a statement, BCDA acting president and chief executive officer Joshua Bingcang noted that the figure represents a major share of its disposition proceeds as proof of commitment to help strengthen the country's armed forces.

He said BCDA recognizes the AFP as the agency's major stakeholder and has always ensured that the military receives the biggest chunk from their gross disposition income every year.

"Our consistent contribution to the military is possible through great efforts to sustain our robust financial standing, bolstered by excellent collection efforts and sound management," Bingcang added.

Although considered a huge amount of support, this year's BCDA contributions declined by 54 percent compared to last year's level of P7.21 billion due to the delay in the clearing and turnover to the developer of a portion of the Bonifacio South Pointe property caused by the pandemic.

Nevertheless, the BCDA's cumulative contributions to the AFP amounted to P59.71 billion since its creation in 1992, accounting for 44.34 percent of the P134.66 billion disposition proceeds as of end-2022.

Pursuant to its mandate under Republic Act 7227, or the "Bases Conversion and Development Act," the BCDA generates income from the sale, lease, or joint venture arrangements with private sector partners in former military camps in Metro Manila.

These proceeds are remitted to the Bureau of the Treasury every year, which are then allocated and distributed by the Department of Budget and Management to the AFP and other beneficiary agencies.

Aside from the AFP, other beneficiary agencies also received P235.08 million in contributions from the BCDA, including the National Housing Authority, National Home Mortgage Finance Corp., Home Insurance Guaranty Corp., Department of Public Works and Highways, Department of Transportation, Philippine Health Insurance Corp., Department of Science and Technology, Department of Social Welfare and Development, and Department of Labor and Employment, among others.

https://www.manilatimes.net/2023/06/21/regions/afp-gets-p331b-from-bcda/1897017