The Bases Conversion and Development Authority (BCDA) reported a 53.7-percent drop in comprehensive income to P3.29 billion in 2023 from P7.11 billion in 2022.
The agency, in its latest financial report, linked the decrease to the P4.347-billion contribution to the AFP Modernization Program and other agencies, and a P602-million payment for financial assistance and road right-of-way in New Clark City.
BCDA’s gross revenues increased 13.7 percent in 2023, reaching P7.404 billion despite the drop in comprehensive income.
Contributing to robust gross revenues were the sale of gross floor area and dividends from Fort Bonifacio of P285 million and P675 million, respectively, and higher interest income of 768 million.
Toll revenues from the Subic-Clark-Tarlac Expressway (SCTEX) also surged by 19 percent, reaching P1.946 billion, on increased traffic volume, while revenues from the operation and maintenance of Clark International Airport saw a 116-percent increase, contributing P270 million in 2023.
Meanwhile, BCDA announced a record P141 billion in total gross proceeds from the disposition of Metro Manila camps covered by Republic Act No. 7227 as of December 2023, covering the period May 1993 to December 2023.
This represents a 5-percent increase from the previous year and highlights the BCDA’s effective management of former military bases.
Key contributors to the disposition proceeds were from the joint venture with SM Prime Holdings Inc. for the Bonifacio South Pointe property of P3 billion; proceeds from the minimum annual secured revenue share in the Joint US Military Assistance Group (JUSMAG), P873 million; and dividends from the Fort Bonifacio Development Corp., P675 million.
Other contributors were proceeds from existing leases and joint venture agreements with combined value of P1.79 billion.
The Armed Forces of the Philippines (AFP) remains the largest beneficiary of these proceeds, receiving P59.71 billion or 42 percent of the total generated since 1993, underscoring BCDA’s crucial role in supporting the AFP’s modernization efforts.
The AFP share consisted of P48.59 billion for the AFP Modernization Program and P11.12 billion for the replication of military facilities in Fort Bonifacio and Villamor Air Base.
