BCDA remits P4B to national government

The state-owned Bases Conversion and Development Authority (BCDA) has remitted P4 billion to the national treasury, largely representing the national government's share of dividend from last year's revenue.

In an emailed statement Monday, the BCDA said the money largely came from proceeds from asset dispositions. It also included other obligations of the BCDA to the national government.

The P4 billion reflects a  25-percent increase from the P3.2 billion the BCDA remitted last year representing the national government's dividend share from the revenue in 2014.

"The increase was due to successful business ventures, resolution of some problematic accounts with the private sector, more efficient collection and management of contracts, as well as good financial housekeeping. In effect, it's good governance translating to good economics," BCDA President and CEO Arnel Paciano D. Casanova said.

Casanova noted P3.470 billion was the share of several government beneficiaries from the proceeds from existing joint venture and lease agreements and assets disposed in 2015.

The Armed Forces of the Philippines got the lion's share of P3.392 billion, other government beneficiary agencies got P71.905 million, and the remaining P6.936 million went to the local government units of Taguig, Pateros, and Makati. – Jon Viktor Cabuenas/VDS, GMA News