MANILA, Philippines – The Bases Conversion Development Authority (BCDA) continued to post higher revenues under the Aquino administration, with last year’s cash inflows surging more than half.
BCDA reported yesterday revenues in 2015 jumped to a record 51 percent increase to P10.7 billion from P7.1 billion the previous year.
The growth was attributed primarily to the P3.5-billion upfront cash paid by Manila North Tollways Corp., BCDA’s partner for the operations and maintenance of the 94-kilometer Subic-Clark-Tarlac Expressway.
In addition, BCDA said P1.5 billion was collected from the partial proceeds of the Fort Bonifacio Development Corp.’s sale of land parcels in Bonifacio Global City, while another P312 million was generated from the disposition of some 575.16 hectares within Clark Green City, BCDA-administered special economic zones, and other remaining Metro Manila camps.
“BCDA has gone a long way as a development corporation and a revenue generator for the National Government. I am pleased to report that we were able to exceed our development targets and realize projects which will open up economic opportunities for our country and our fellowmen,” BCDA president and chief executive officer Arnel Paciano Casanova said.
Casanova said BCDA is bent on keeping its revenues at the P10-billion level this year.
During the first year of the Aquino administration in 2011, BCDA’s revenues stood at P3.5 billion. It rose to P5.2 billion the following year and went up to P6 billion in 2013. Revenues further increased to P7.1 billion in 2014 and then hit P10.7 billion last year.
Casanova said the consistent growth in BCDA’s operating cash in recent years is due to the agency’s efficient collection, successful business ventures, and resolution of some problematic accounts with the private sector.
For this year, he said BCDA has earmarked P1 billion in capital expenditures, about 80 percent of which would be used for the development of the initial phase of Clark Green City, a 9,450-hectare master planned property within the Clark Special Economic Zone in Tarlac.
At full development, Clark Green City is envisioned to have some 1.12 million residents, 800,000 workers and contribute a gross output of approximately P1.57 trillion per year to the national economy or roughly four percent share in gross domestic product.