Proceeds from the disposition of assets of the Bases Conversion and Development Authority (BCDA) from May 1993 to end 2023 stood at P141 billion, of which P6.35 billion were generated last year alone.
BCDA in its annual report said last year’s asset disposition was boosted by the proceeds from its joint venture with SM Prime Holdings, Inc. for the Bonifacio South Pointe property which contributed P3 billion or half of total.
Proceeds are generated from the disposition of former Metro Manila camps covered by Republic Act 7227 or the Bases Conversion Act.
Proceeds from existing leases and joint venture agreements alone pitched in P1.8 billion.
Proceeds from the Minimum Annual Secured Revenue Share in JUSMAG contributed P873 million while dividends from the Fort Bonifacio Development Corp. chipped in P675 million.
The BCDA said of P141.01 billion total disposition proceeds, joint ventures accounted for the biggest at P66.44 billion while sales cornered P41.63 billion. Another P13.04 billion was generated from leases, and P19.90 billion from other receipts.
The amounts are based on actual cash generated except for replication projects undertaken by the developer and recorded as part of gross proceeds.
The report said the Armed Forces of the Philippines (AFP) is the biggest beneficiary of disposition proceeds and received P9.71 billion, equivalent to 42 percent of total disposition proceeds generated since 1993.
The AFP share consisted of P48.59 billion for the AFP Modernization Program and P11.12 billion for the replication of military facilities in Fort Bonifacio and Villamor Air Base. The replication projects amounting to P9.69 billion funded by the General Appropriations Act are not yet included in the AFP share.
The share of the BCDA made up 33 percent or P46.48 billion of the total, while the share of other beneficiary agencies represented 7 percent or P9.26 billion. Local government units also benefited from the asset disposition program and received P560 million.
