Finance Secretary Ralph Recto lauded the Bases Conversion and Development Authority (BCDA) for remitting a record P5.17 billion to the national treasury, calling it a “dividend for development” that strengthens public services without burdening taxpayers.
In a statement issued on Tuesday, Recto said: “This amount is not a mere number in our ledger. They are remittances that fuel growth—dividends for development.”
He was echoing his remark during the previous day’s turnover ceremony at the Department of Finance (DOF) office in Manila.
“That P5.17 billion can build around 2,000 classrooms, buy fertilizer for more than half a million hectares of rice land, or provide a quarter-billion hot meals for children. If channeled to its mandated beneficiary, the Armed Forces of the Philippines, it can boost the welfare and weaponry of our fighting men,” Recto said in the statement.
The remittance aligns with President Ferdinand Marcos Jr.’s directive for government-owned and -controlled corporations (GOCCs)
to uphold fiscal discipline and boost non-tax revenues to fund priority programs.
Of the total remittance to the government, P2.04 billion represents cash dividends—80 percent of BCDA’s 2024 net earnings and its highest dividend contribution to date. The figure exceeds the DOF’s 75-percent minimum dividend directive for GOCCs.
The remaining P3.13 billion came from the BCDA’s share in asset disposition proceeds collected during the year.
Recto said the government remains committed to supporting the BCDA’s mission of maximizing land assets to generate economic activity and increase public revenues.
“Every idle land you turn into a wealth-creating hub becomes a job generator, a talent magnet, an income booster, and a hope multiplier,” he said.
“The railway to Clark and the subway to BGC are the state’s vote of confidence in the continuing viability of base lands conversion,” Recto added.
The BCDA is mandated to help modernize the military while developing former military properties into economic hubs such as Bonifacio Global City, New Clark City and Newport City.
“The BCDA remains fully committed to doing our part to grow regional economies, unlock more opportunities, and help build a stronger and more inclusive Philippines,” BCDA President and Chief Executive Officer Joshua Bingcang said.
