MANILA – Sound, transparent, and prudent utilization of public funds will remain the Bases Conversion and Development Authority’s (BCDA) goal as it continues to transform former military camps into growth centers, its chief said Tuesday.
In a statement, BCDA president and chief executive officer Joshua Bingcang reported that its 2024 financial statement was again given by the Commission on Audit (COA) the “unqualified or unmodified opinion” and declared as “free from material misstatements,” a feat for the last 15 years.
“Getting the most favorable audit opinion for 15 consecutive years now is a testament that BCDA is serious in ensuring utmost transparency and accountability in our operations, especially in the management of public resources,” he said.
Bingcang underscored BCDA personnel’s contribution in meeting the agency’s mandate by “ensuring that the public funds and resources are properly utilized.’
BCDA, which generates revenues from land disposition, lease, joint ventures, and concession fees, registered PHP22.1 billion in gross revenues in 2024, more than threefold the PHP7.3 billion a year ago.
Part of this amount is remitted to the national government as dividends and contributions to the modernization program, among others, of the Armed Forces of the Philippines (AFP).
This month, the agency posted its record-level remittance to the national government amounting to PHP5.3 billion. (PNA)