BCDA remits P5.4 B dividends to government
MANILA, Philippines — State-run Bases Conversion and Development Authority (BCDA) has remitted P5.401 billion worth of dividends to the state’s coffers.
In a statement, the BCDA said it recently turned over last year’s proceeds from asset sales, dividends and guarantee fees.
Previously, the BCDA declared dividends worth P6.004 billion in 2016 and P4.050 billion in 2017.
The latest remittance brings the total amount of dividends turned over by the BCDA in the past three years to P15.455 billion.
Of the total remittance over the last three years, the Armed Forces of the Philippines (AFP), BCDA’s biggest stakeholder, got the lion’s share of P12.5 billion.
“This amount reflects the commitment and support of BCDA and the Duterte administration to upgrade the capabilities of the AFP,” BCDA president and chief executive officer Vivencio Dizon said.
Under Republic Act 7656 or the Dividend Law, government-owned and –controlled corporations are required to to declare and remit at least 50 percent of their annual net earnings to the national government.
Since its creation in 1992, BCDA has turned over a total of P62.229 billion to the National Treasury.
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