CLARK FREEPORT --- The Bases Conversion and Development Authority (BCDA) has remitted PhP1.1 billion in dividends to the Bureau of the Treasury (BTr).
The BCDA said the dividends will provide additional support for the national government’s expenditures and efforts to propel economic growth this year.
The state agency said it doubled its remittance from PhP527 million in 2023 to PhP1.1 billion in 2024.
This brought the BCDA’s total dividends to the national government to almost PhP9.6 billion since its inception in 1992.
“The BCDA’s higher dividend remittance to the national government reflects its sustained good financial standing amid efficient revenue generation and expenditure management. This year, we are remitting more than the share mandated by the law as testament to our commitment to nation building,” BCDA President and Chief Executive Officer Joshua M. Bingcang said.
On top of dividends, the BCDA said it also remits to the BTr guarantee fees for the loan of Subic-Clark-Tarlac Expressway (SCTEX), as well as proceeds from its asset disposition program, which is distributed to several beneficiary agencies, primarily the Armed Forces of the Philippines.
Pursuant to Republic Act 7656, otherwise known as the Dividend Law, all government-owned and -controlled corporations (GOCCs) are mandated to declare and remit at least 50 percent of their net earnings as dividends.
The BCDA said its remittance this year represents 75 percent of its net earnings in 2023.