BCDA dividends to NG double to P1.1B in 2023

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The Bases Conversion and Development Authority (BCDA) has remitted P1.1 billion in dividends to the Bureau of the Treasury (BTr), double from P527 million in 2023.

BINGCANG

This brought the BCDA’s total dividends to the national government to almost P9.6 billion since its inception in 1992.

“The BCDA’s higher dividend remittance to the national government reflects its sustained good financial standing amid efficient revenue generation and expenditure management.

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This year, we are remitting more than the share mandated by the law as testament to our commitment to nation building,” said Joshua Bingcang, BCDA president and chief executive officer.

On top of dividends, the BCDA also remits to the BTr guarantee fees for the loan of Subic-Clark-Tarlac Expressway, as well as proceeds from its asset disposition program, which is distributed to several beneficiary agencies, primarily the Armed Forces of the Philippines.

Pursuant to Republic Act 7656, or the Dividend Law, all government-owned and -controlled corporations  are mandated to declare and remit at least 50 percent of their net earnings as dividends.

The BCDA’s remittance this year represents 75 percent of its net earnings in 2023.

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