The Bases Conversion and Development Authority (BCDA) has revised upward its 2024 gross revenue to P22.1 billion, double the P11 billion it reported initially in January.
In a statement on Tuesday, BCDA said the updated figure includes a one-time gain of P13.9 billion from a joint venture agreement with a private developer for a property in Bonifacio Global City, Taguig. The revised total is also triple the P7.3 billion posted in 2023.
While the agency did not release full details of the deal, statements from BCDA and Robinsons Land Corp. (RLC) in August 2024 confirmed their joint venture to develop a 6.1-hectare mixed-use site in Bonifacio Capital District, a transit-oriented project near the new Senate building.
RLC, in a separate statement dated Oct. 22, 2024, said the project would include residential, commercial, office, hotel and recreational components.
BCDA’s initial revenue report on Jan. 4, 2025 accounted only for RLC’s P3.5-billion upfront payment. The full P13.9-billion transaction was later recognized, prompting the upward revision.
Excluding the one-off gain, recurring revenues also increased.
Service concession income rose to P3.4 billion in 2024 from P2.5 billion in 2023, driven by toll adjustments and strong growth in Clark International Airport operations, including passenger traffic, cargo and flight volumes.
Remittances also came from BCDA’s concession agreements with NLEX Corp. for the Subic-Clark-Tarlac Expressway, and with Luzon International Premiere Airport Development Corp. (LIPAD), which operates Clark Airport. LIPAD is a special-purpose consortium with interests in airport operations, air transport and property development.
BCDA’s revenues are generated through land disposition, leases, joint ventures and concession fees. A portion is remitted to the Bureau of the Treasury as dividends and contributions to the Armed Forces of the Philippines Modernization Program and other beneficiary agencies.
“For 2025, we’re focused on sustaining strong revenue streams and long-term value creation. We’re not in a position to disclose a target at this time, as figures depend on ongoing project timelines and asset strategies,” the agency said.
