BUSINESS
Advocates Philippines
BCDA Remits P527.40-M in Dividends To The National Government
Photo credit: BCDA
The Bases Conversion and Development Authority (BCDA) has remitted Php 527.40 million in dividends to the national government this year, according to a recent announcement.
This amount is part of the yearly commitment of the BCDA to help strengthen the nation's financial resources for its development initiatives.
Aside from dividends, BCDA has also remitted funds to the national government through share of beneficiary agencies, guarantee fees for the loan of Subic-Clark-Tarlac Expressway (SCTEX), and other sources of revenue.
Since its establishment in 1993, BCDA has contributed a total of Php 8.49 billion in dividends to the national government.
BCDA President and CEO Aileen R. Zosa expressed her appreciation for the organization's financial standing and commitment to nation-building.
She emphasized BCDA's goal to build recurring revenue sources and manage costs effectively while working within the constraints of the government's tightening budget.
The unaudited financial report for 2022 showed that BCDA's net earnings reached Php 1.05 billion, driven by cash inflows from existing joint ventures and leases, as well as other income-generating activities. The report also highlighted the organization's prudent use of funds.
Under the Dividend Law or Republic Act No. 7656, all government-owned and controlled corporations (GOCCs) are required to declare and remit at least 50 percent of their annual net earnings to the national government.
Last year, BCDA remitted a total of Php 885 million in dividends, which was half of its Php 1.77 billion net earnings. The high earnings were attributed to windfall collections from leases and assets for disposition, including the joint venture agreement with SM Prime Holdings for the development of the Bonifacio South Pointe and the close-out agreement for the Serendra Property.
The recent remittance of dividends to the national government underscores BCDA's continued commitment to support the government's development goals and initiatives.
This amount is part of the yearly commitment of the BCDA to help strengthen the nation's financial resources for its development initiatives.
Aside from dividends, BCDA has also remitted funds to the national government through share of beneficiary agencies, guarantee fees for the loan of Subic-Clark-Tarlac Expressway (SCTEX), and other sources of revenue.
Since its establishment in 1993, BCDA has contributed a total of Php 8.49 billion in dividends to the national government.
BCDA President and CEO Aileen R. Zosa expressed her appreciation for the organization's financial standing and commitment to nation-building.
She emphasized BCDA's goal to build recurring revenue sources and manage costs effectively while working within the constraints of the government's tightening budget.
The unaudited financial report for 2022 showed that BCDA's net earnings reached Php 1.05 billion, driven by cash inflows from existing joint ventures and leases, as well as other income-generating activities. The report also highlighted the organization's prudent use of funds.
Under the Dividend Law or Republic Act No. 7656, all government-owned and controlled corporations (GOCCs) are required to declare and remit at least 50 percent of their annual net earnings to the national government.
Last year, BCDA remitted a total of Php 885 million in dividends, which was half of its Php 1.77 billion net earnings. The high earnings were attributed to windfall collections from leases and assets for disposition, including the joint venture agreement with SM Prime Holdings for the development of the Bonifacio South Pointe and the close-out agreement for the Serendra Property.
The recent remittance of dividends to the national government underscores BCDA's continued commitment to support the government's development goals and initiatives.
May 3, 2023
