BCDA among GOCCs' "Billionaire' Club"

The state-owned Bases Conversion and Development Authority (BCDA) belongs to the so-called “Billionaires’ Club” or the top eight Government-Owned and -Controlled Corporations (GOCCs)  that remitted dividends of  P1-B or more to the National Treasury during the recently held GOCCs Dividends Day in Malacanang  (June 3, 2013).

BCDA President and CEO Arnel Paciano D. Casanova said the BCDA remitted a total of P2.309 billion to the National Government for the period January  to December 2012. The amount represents the National Government’s (NG) dividends share and the share of government beneficiary agencies from BCDA’s asset disposition proceeds.

The turnover  rites was witnessed by no less than President Benigno S. Aquino III.  The BCDA ranked fourth  among the GOCCs based on the amount  remitted.

The Philippine Amusement and Gaming Corp. (PAGCOR) remitted P7.182-B, the Land Bank of the Philippines (LBP) remitted P6.241-B, while  the Development Bank of the Philippines remitted P3.166-B.  A total of 38 GOCCs remitted P28-B in dividends to the National Treasury.

BCDA President and CEO Arnel Paciano D. Casanova said the P2.3-B generated was achieved by “delivering our commitments to our  partners which resulted to collection efficiency, better cash flow management and reduction of receivables.”

He said the P2.3 billion remitted to the national government would benefit government’s anti-poverty programs and government services, and the modernization of the Armed Forces of the Philippines (AFP).

“The revenues generated will go a long way to ensure that there is inclusive growth and development for all. It will also contribute in modernizing our armed forces by acquiring the much needed hardware and equipment to defend our land and address both internal and external threats,” Casanova said.

He added that the revenues generated for the AFP Modernization Program would also beef up the search and rescue  capabilities of the AFP to help our countrymen during natural disasters and calamities.

Casanova  said  of  the  P2.3 billion, P549 million represented dividends to the  NG.  Pursuant to Section 3 of the Republic Act No. 7656, all Government Owned and Controlled Corporations (GOCCs) are required to declare and remit at least 50 percent of their annual net earnings as cash, stock or property dividends to the national government.

Casanova said the remaining P1.76 billion was the share of several government beneficiaries from  the proceeds generated from existing joint venture and lease agreements and assets disposed in 2012.

Pursuant to RA 7917 and EO 309, proceeds from disposition of former military camp Fort Bonifacio, now developed into Bonifacio Global City, and the former Villamor Air Base, now Newport City,  are to be shared with BCDA and  named beneficiaries.

Under Administrative Order 236, certain government beneficiary agencies are entitled to the disposition proceeds.  Getting the lion’s share is the Armed Forces of the Philippines (AFP) at P1.691 billion.

The share of the other government beneficiary agencies amounted to P63.22 million. The remaining P5.467 million  were the shares of the Local Government Units (LGUs) of Taguig, Pateros and Makati.

Casanova pointed out that after BCDA remits the money to the National Treasury, the utilization and distribution of the remittances become the responsibilities of the Department of Budget and Management in accordance with the approved fiscal program of the government and the budget guidelines.