President Benigno S. Aquino III congratulates newly sworn in Bases Conversion and Development Authority (BCDA) Chairman Rolando P. Gosiengfiao after the President administered the oath recently in Malacañang. Chairman Gosiengfiao, who comes from the private sector and who has spent most of his career in various countries, brings to BCDA his wealth of global experience in international banking, property development and government privatization transactions. The state-owned BCDA belongs to the so-called “Billionaires’ Club” or the top eight Government-Owned and -Controlled Corporations (GOCCs) that recently remitted dividends of P1-B or more to the National Treasury. BCDA remitted a total of P2.309 billion to the National Government (NG) for the period January to December 2012. Of the P2.3 billion, P549 million represented dividends to the NG. Pursuant to Section 3 of the Republic Act No. 7656, all 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. The remaining P1.76 billion was the share of several government beneficiaries from BCDA’s asset disposition proceeds generated from existing joint venture, lease agreements and assets disposed in 2012. The Armed Forces of the Philippines (AFP) got the lion’s share at P1.691 billion.
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