The Bases Conversion and Development Authority (BCDA) recorded gross revenues reaching P22.1 billion in 2024.
The agency said the figure is triple compared to the P7.3 billion posted in 2023 and well above the projection of P11 billion.
BCDA said the income "reflects its growing impact in transforming former military bases into engines of national development and economic opportunity."
The revenu increase was fueled by multiple income streams, led by gains from a joint venture agreement with a private developer amounting to P13.9 billion, the state-owned firm said.
Service concession revenues rose to P3.4 billion in 2024 from P2.5 billion in 2023, driven by toll rate hikes and strong growth in airport operations, including passenger traffic, cargo, and flights, the BCDA added.
The agency's business and lease income, meanwhile, amounted to P1.59 billion in 2024.
“With our consistent push for innovation, strategic partnerships, and responsible development, BCDA remains steadfast in its mission to build smart, sustainable communities and deliver transformative infrastructure for generations to come,” said BCDA President Joshua M. Bingcang. “These revenues are not just figures. They represent opportunities for inclusive growth, quality jobs, and better lives for the Filipino people.”
Under Republic Act No. 7227, the BCDA is mandated to transform former military camps into centers of growth. Revenues are generated through land disposition, lease, joint ventures, and concession fees. A portion of these funds is remitted to the Bureau of the Treasury as dividends and contributions to the Armed Forces of the Philippines for its Modernization Program and other beneficiary agencies.
The rest is reinvested into infrastructure projects that strengthen economic zones, improve regional connectivity, and attract investments.