The Bases Conversion and Development Authority (BCDA) reported it remitted P3.31 billion to the Armed Forces of the Philippines (AFP) in 2022, 54 percent lower than the P7.21 billion remitted in 2021.
BCDA said this is due to the delay in the clearing and turnover to SM Prime Holdings a portion of the Bonifacio South Pointe property caused by the pandemic.
The 33.13-hectare Bonifacio South Pointe is a project of BCDA through a joint-venture agreement with SM Prime Holdings.
The BCDA said the P3.31 billionrepresents a major share from the state firm’s disposition proceeds as proof of its commitment to help strengthen the country’s troops.
Since its establishment in 1992, the BCDA’s cumulative contributions to the AFP amounted to P59.71 billion, accounting for 44.34 percent of the P134.66 billion disposition proceeds as of end-2022.
