BCDA projects lower remittances to government in 2023

The Bases Conversion and Development Authority (BCDA) on Monday said it expects to remit lower dividends this year, following the double-digit growth recorded in 2022.

In an interview in Taguig City, BCDA president and chief executive officer Aileen Anunciacion Zosa said the agency expects to remit P5 billion to the national government this year, lower than the P7.53 billion recorded in 2022.

Zosa said the expected decline comes as there will be less inflows from the 33.1-hectare development in Bonifacio South Pointe through a joint-venture agreement with property developer SM Prime Holdings Inc. (SMPH).

The BCDA said it has already cleared and turned over 11 hectares to SMPH, which in turn remitted P24 billion. It has yet to clear the remaining 20 hectares and turn it over to the company.

Last year’s total remittances to the government reflected a 64% or P2.94 billion increase from the P4.59 billion in 2021, which the BCDA attributed to continuing cash inflows from existing joint ventures, leases, and other income-generating activities.

“After a very difficult two years, doing more with less will be the underlying principle of all our efforts in BCDA as the national government copes with tightening budgets,” Zosa said in a separate statement.

“Now more than ever, we will be very conscious in generating revenues for the modernization of the AFP (Armed Forces of the Philippines),” she added.

Gross disposition proceeds for the year increased by 6% or P7.11 billion to P134.66 billion from P127.55 billion, including P56.40 billion disposition proceeds to the AFP.

For this year, the BCDA is set to bid out P11 billion worth of development projects for New Clark City, including a P1-billion solar farm with a capacity of up to 40 megawatts.

The planned solar farm will be 2.5 kilometers away from the New Clark City Substation, and is targeted to be accessible through major thoroughfares.

Another is the P10-billion Solid Waste Management and Waste-to-Energy Project which covers the management of existing waste management assets within the sanitary landfill and the waste collection service in New Clark City.—AOL, GMA Integrated News