NextGen Day

On Monday, the Bases Conversion and Development Authority (BCDA) announced that it had contributed PHP3.31 billion to the Modernisation Programme of the Armed Forces of the Philippines (AFP).

This sum was transferred this year and was derived from the earnings of BCDA’s disposition in 2022.

Due to the delay in clearing and turning over to the developer of a piece of the Bonifacio South Pointe property brought on by the Covid-19 (coronavirus disease 2019) pandemic, the remittance to the AFP this year was 54 percent less than the transfer of PHP7.21 billion in 2022.

The government-owned and controlled corporation’s (GOCC) contribution to the AFP over the past three decades totaled PHP59.71 billion, or 44.34 percent of the earnings from BCDA’s disposition from 1992 to 2022.

“The BCDA always ensures that our Armed Forces receive the largest portion of our gross disposition income annually, acknowledging the AFP as our key stakeholder. The BCDA’s acting president and CEO, Joshua Bingcang, said that the organization puts forth tremendous effort to maintain its strong financial condition, supported by exceptional collecting efforts and prudent administration.

Republic Act 7227 allowed the BCDA to make money by collaborating with the private sector to develop decommissioned military bases.

These former military bases’ sale, lease, or joint venture proceeds were transferred to the Bureau of the Treasury. Subsequently, the Department of Budget and Management distributed money to the AFP and other recipient organizations.

Most money made by redeveloping former military sites is split between the AFP and its modernization and replication of military infrastructure programs.

The revenues of the sale were distributed to additional beneficiary organizations in the amount of PHP235.08 million.

The National Housing Authority, National Home Mortgage Finance Corporation, Home Insurance and Guaranty Corporation, 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 Labour and Employment are just a few of the beneficiary organizations mentioned.

This year, the BCDA also sent over PHP4.79 million to the Pateros, Taguig, and Makati local governments.

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