BCDA revenues from sale of military camps down 43% to P3.28B in 2010

MANILA, Philippines - Revenues of state-run Bases Conversion Development Authority (BCDA) from the sale of military lands in Metro Manila contracted by 43 percent to P3.28 billion in 2010 from P5.8 billion in 2009.

The BCDA said the 2010 proceeds brought total earnings from the sale of Metro Manila camps to P50.822 billion since privatization started in 1993.

At the same time, the company is expecting to earn P26 billion more from joint venture transactions already entered into for the development of Bonifacio properties. 

The figure is a conservative estimate of the secured/fixed revenues from 2011 to 2032 on past joint venture contracts on Market! Market!, Serendra, McKinley Hill, Jusmag and North Bonifacio, among others. BCDA’s joint venture partners include Ayala Land Inc. (ALI) and Megaworld.

However, BCDA cleared that this does not include the projected revenues from the 45-percent share being held by BCDA in Fort Bonifacio Development Corp. (FBDC), the private real estate firm currently developing the fast-rising Bonifacio Global City which is controlled by ALI and the Campos Group.

Of this amount, P19.32 billion has been remitted to the National Treasury for the account of the Armed Forces of the Philippines (AFP), broken down into P9.823 billion for the AFP modernization program and P9.496 billion for the military replication expenses.

Similarly, remitted to the National Treasury were P462.2 million representing the shares of contiguous municipalities of Taguig, Pateros and Makati as well as P7.092 billion in favor of 14 government beneficiary agencies.

The BCDA said that the share of the AFP and other government agencies are directly remitted to the National Treasury and, in turn, the Department of Finance (DOF) and the Department of Budget and Management (DBM) are responsible for safe-keeping, programming and releasing the respective appropriations of these government agencies to finance their programs and projects. After BCDA’s remittance of the funds to the Treasury, BCDA is no longer involved in the use and disbursement of these funds.