Joint venture deal props up gross revenues of BCDA
State-owned firm Bases Conversion and Development Authority (BCDA) said it capped 2024 with P11.3 billion in gross revenues, up 3 percent from the P10.9 billion in 2023.
BCDA said the growth and “positive” financial performance was mainly driven by the joint venture deal for the development of the 6.1-hectare mixed-use development in Bonifacio Capital District in Taguig City which provided an initial payment of P3.5 billion to the BCDA.
Its toll and airport concession revenues in 2024, meanwhile, contributed P3.2 billion to the gross revenues pie in the previous year.
The state-owned firm added that earnings from toll and airport concession saw an increase by P925 million or 39 percent from the P2.3 billion recorded in 2023.
According to BCDA, dividends from its affiliates also grew as it amounted to P1 billion in 2024, a P325 million increase from the P675 million in 2023.
BCDA’s affiliates are Fort Bonifacio Development Corporation (FBDC), Poro Point Management Corp., and Bonifacio Estate Services Corporation (BESC), Clark Development Corporation and Clark International Airport Corp. (CIAC).
With this, BCDA President and Chief Executive Officer Joshua M. Bingcang expressed optimism that BCDA will continue to sustain its revenue levels, with earnings projected to remain above P10 billion in 2025.
He said this forecast rests on BCDA’s “continued efforts to foster strong partnerships and implement projects that fuel economic growth and infrastructure development in the country.”
“We are committed to continue generating strong revenues, as this will allow us to boost our support for our beneficiary agencies and stakeholders, especially our military forces,” Bingcang said in a statement.
Pursuant to its mandate under Republic Act 7227 or the Bases Conversion and Development Act, the BCDA transforms former military camps into centers of economic growth, generating income through disposition proceeds from sale, lease, and joint venture, as well as concession fees and other receipts.
“Portions of these proceeds are remitted to the Bureau of the Treasury through dividends and contributions to the Armed Forces of the Philippines and other beneficiary agencies,” BCDA said.
“A share of these earnings is also used to fund the BCDA’s infrastructure projects to help strengthen and boost the competitiveness of its economic zones.”
