BCDA remits record-high P5.22 Billion to National Treasury
- Kezia Dominguez
- Jan 10, 2018
- 2 min read
The National Treasury holds a total of P5.22 billion, including guarantee fees and dividends since January up to December 2017 remitted by the Bases Conversion and Development Authority (BCDA). It is currently the highest amount developed compared with its previous full-year remittances since 2012.
P.4839 billion from the total amount represents revenues made from assets by the BCDA from January to date will be given to the Armed Forces of the Philippines (AFP) modernization program and other beneficiary agencies as provided under the law, the Department of Finance said,
The AFP modernization program was extended by RA 10349 for another 15 years after it lapsed in 2010. Following the BCDA charter, 50 percent of disposition assets are remitted to the ongoing AFP modernization program.
In 2016, the BCDA’s total remittances amounted P3.93 billion; P3.201 billion in 2015; P2.207 billion in 2014; P2.389 billion in 2013; and P348 million in 2012. The amount of BCDA remittances that went to the AFP modernization program reached P3.39 billion in 2016; P1.5 billion in 2015; P1.588 billion in 2014; P1.692 billion in 2013; and P245 million in 2012. Besides the revenues from disposed assets, the BCDA also collected P250 million in guarantee fees and P130 million in dividends in 2017.
According to Finance Secretary Carlos G. Dominguez III, the government is planning to joint with the private sector in developing a massive military land in order to secure additional funds for uniformed personnel’s ballooning pension.
Dominguez said the BCDA will be in-charge of entering into joint ventures for the commercial development of military properties. A law that will allow part of the proceeds from disposition of properties to fund military pension needs to be passed, said Budget Secretary Benjamin E. Diokno.
The government was also looking into a new pension system. It is possibly by including them under the coverage of the state-run pension fund Government Service Insurance system.
The ballooning pension of uninformed personnel is worrying the Duterte administration. The interagency Development Budget Coordination Committee requested for a seed fund worth trillion of pesos that will make income for retired military officers.
In the early 1990s, the government privatized 240 hectares of military land in Fort Bonifacio to support the AFP modernization program. President Duterte urged the military to lease out its remaining lands in Fort Bonifacio to raise more funds for its modernization program last year. The President said leasing out the lands would raise “trillions” of pesos for the AFP.