BCDA remits P527.40M worth of dividends to Treasury

THE Bases Conversion and Development Authority (BCDA) said it remitted P527.40 million worth of dividends to the government this year.

In a statement on Wednesday, the government-owned and -controlled corporation (GOCC) said the P527.40 million worth of dividends for 2022 comes on top of its other remittances to the National Government, such as funding for the Armed Forces of the Philippines Modernization Program, from base disposal proceeds, and guarantee fees for the loan of the Subic-Clark-Tarlac Expressway.

The dividends represent a 40% decline from a year earlier.

“The P885 million in dividends last year was half of (the BCDA’s) P1.77 billion in net earnings in 2021. These earnings were fueled by windfall collections coming from the leases and assets for disposition, such as the joint venture agreement with SM Prime Holdings for the development of the Bonifacio South Pointe and the close-out agreement for the Serendra Property,” the BCDA said.

The BCDA said that it has remitted P8.49 billion worth of dividends to the National Government since its creation in 1993.

In its 2022 unaudited financial report, the BCDA logged P1.05 billion in net earnings on the back of “continuing cash inflows from existing joint ventures and leases, other income-generating activities, and prudent use of funds.”

All GOCCs are required to declare and remit at least 50% of their annual net earnings to the Treasury by Republic Act No. 7656 or the Dividend Law. — Revin Mikhael D. Ochave