BCDA income declines 54% to P3.3 billion
THE Bases Conversion and Development Authority (BCDA) said it posted a 53.65% decline in total comprehensive income to P3.3 billion in 2023 after hefty payouts to agencies it supports.
In its annual report, the BCDA reported that the BCDA contributed P4.35 billion to the Armed Forces of the Philippines (AFP) Modernization Program and other beneficiary agencies and for the replication of Army Support Command facilities in Tarlac.
The company also paid P602 million in financial assistance and to acquire right of way for roads in New Clark City.
Revenue rose 13.7% to P7.4 billion in 2023.
“The increase was driven by several factors: the sale of gross floor area in the amount of P285 million, dividends received from Fort Bonifacio Development Corp. (FBDC) of P675 million, and interest income of P768 million due to improved interest rates,” the BCDA said.
The government-owned corporation also reported increased toll revenue from the Subic-Clark-Tarlac Expressway of P1.95 billion and in revenue from the operation of Clark International Airport of P270 million.
Meanwhile, BCDA’s gross disposition proceeds rose 4.7% to P141.01 billion at the end of last year, after having reported P134.66 billion in revenue between May 1993, when it started booking results, and December 2022.
“The main drivers for the improvement were the receipt of disposition proceeds from the joint venture with SM Prime Holdings, Inc. for the Bonifacio South Pointe property (P3 billion), proceeds from the minimum annual secured revenue share in the Joint US Military Advisory Group (P873 million), and dividends from the FBDC,” it said.
“Other contributors were proceeds from existing leases and joint venture agreements, which amounted to P1.8 billion,” it added.
The biggest beneficiary of BCDA’s disposition proceeds was the AFP, which received P59.71 billion, or 42%, of the total disposition proceeds generated since 1993.
Meanwhile, the other proceeds went to the BCDA (33%, or P46.48 billion), other beneficiary agencies (7%, or P9.26 billion), and local government units (0.4%, or P560 million). — Justine Irish D. Tabile