BCDA asset sales reach P3.31 B in 2012

MANILA, Philippines - Funds generated by the Bases Conversion and Development Authority (BCDA) from its disposition of assets surged 126.7 percent last year due to better financial management and efficient collection efforts.

In a statement, the state-run agency said it sold P3.31 billion worth of assets last year, way above the P1.46 billion in 2011.

BCDA president Arnel Paciano Casanova said since May 1993, the agency generated a total of P56.657 billion from the same or lease of former Metro Manila camps which include Fort Bonifacio and Villamor Air Base.

Of the total funds, the Armed Forces of the Philippines (AFP) got the lion’s share at P23.433 billion.

The amount was used for the AFP modernization program and military replication facilities.

Casanova said that for this year, the AFP’s share of disposition proceeds are seen to increase based on future transactions of sale, lease and joint venture development the BCDA will undertake.

“We expect that the amount will grow bigger as we continue to optimize the value of BCDA assets and improve our collection efficiency,” he said.

One of the main assets eyed for disposition is the 33.1-hectare Bonifacio South Pointe from which the BCDA expects to generate P3.7 billion.

The Bonifacio South Pointe, located along Lawton Ave. in Fort Bonifacio, is occupied by the Army Support Command and Special Services Unit of the Philippine Army, the Bonifacio Naval Station and the Philippine Marine Corps of the Philippine Navy.

The BCDA was supposed to hold the pre-bid conference for the property this month but it was put on hold after SM Land Inc. obtained a temporary restraining order (TRO) from the Supreme Court to prevent the bidding of the property.

In November last year, SM Land filed a petition for mandamus with the Supreme Court to proceed with its unsolicited proposal for the development of the property after the BCDA decided to set aside the Swiss challenge for the firm’s proposal and conduct a public bidding in line with a directive from the Office of the President.