CLARK FREEPORT – The state-owned Bases Conversion and Development Authority (BCDA) is now in the league of the top eight billionaires among government-owned and controlled corporations (GOCCs) which have remitted P1 billion or more of dividends to the national treasury.
BCDA President and CEO Arnel Paciano Casanova said the BCDA remitted a total of P2.309 billion worth of dividends to the national government covering the period January to December last year.
”The amount represents the national government’s dividends share and the share of government beneficiary agencies from BCDA’s asset disposition proceeds,” he explained.
The turnover rites were held during “Dividends’ Day” held in Malacanang last June 3. The BCDA ranked fourth among the GOCCs.
The Philippine Amusement and Gaming Corp. (PAGCOR) remitted P7.182 billion, the Land Bank of the Philippines (LBP) remitted P6.241 billion, while the Development Bank of the Philippines remitted P3.166 billion.
A total of 38 GOCCs remitted P28 billion in dividends to the national treasury.
Casanova said the P2.3-billion generated by BCDA was achieved by “delivering our commitments to our partners which resulted to collection efficiency, better cash flow management and reduction of receivables.”
He said the amount would benefit government’s anti-poverty programs and government services and the modernization of the Armed Forces of the Philippines (AFP).
“The revenues generated will go a long way to ensure that there is inclusive growth and development for all. It will also contribute in modernizing our armed forces by acquiring the much needed hardware and equipment to defend our land and address both internal and external threats,” Casanova said.
He noted that “the revenues generated for the AFP Modernization Program would also beef up the search and rescue capabilities of the AFP to help our countrymen during natural disasters and calamities.”
Under Section 3 of the Republic Act No. 7656, all GOCCs are required to declare and remit at least 50 percent of their annual net earnings as cash, stock or property dividends to the national government.
Casanova pointed out that the utilization and distribution of the remittances are the responsibilities of the Department of Budget and Management in accordance with the approved fiscal program of the government and the budget guidelines.
