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BCDA welcomes amended charter
State-run Bases Conversion and Development Authority, or BCDA, welcomed the approval of House Bill 8505, citing the impact of the measure in the development of the economic zones managed by the state-run firm, and in beefing up the state coffers to support the military’s pension fund. Approved on third and final reading last 22 August, House Bill 8505 is a consolidated substitute bill of Pampanga Representatives Deputy Speaker Gloria Macapagal-Arroyo and Senior Deputy Speaker Aurelio “Dong” Gonzales that seeks to amend Republic Act 7227 or the Bases Conversion and Development Act of 1992. The bill ensures the continuity of the BCDA’s function as a builder of great cities and a prime mover of national development, while also helping the state-run firm conquer legislative hurdles that could restrict the full development of its properties, from Fort Bonifacio in Metro Manila to Poro Point in La Union. “Our economic landscape is evolving at a tremendous pace, thus the need for BCDA to take big, bold moves to adapt with these changes and deliver the socioeconomic transformation we envision for our development areas in Clark,” BCDA President and Chief Executive Officer Joshua Bigcang said. “The bill will address gaps in the current charter and we couldn’t be more happy to express our gratitude to our friends in the House of Representatives for passing this bill on third and final reading,” Bingcang added. Under the proposed bill, the BCDA’s corporate term will be extended for another 50 years from its current remaining corporate life of 19 years. This extension will increase the confidence of investors when transacting with BCDA, as well as allow BCDA to continue its support to the AFP Modernization Program. Bill to raise capital to P400B The bill will also increase the authorized capital of the BCDA to P400 billion from P100 billion. Lastly, the bill seeks to convert five percent of BCDA’s economic zones to freehold status from leasehold, authorizing the BCDA to sell these properties for residential purposes. At present, lands within BCDA economic zones are only available on leaseholds, preventing the entry of affordable housing developers. Converting portions of the ecozones to freehold will liberalize the residential market for an average Filipino and allow full ownership of the property. “Once this is implemented, workers within our economic zones will be able to have their own homes, be closer to their jobs and live comfortably with their families,” Bingcang said. The BCDA estimates that this provision will free up 1,856 hectares of land, which can potentially generate P451.26 billion up to P1.45 trillion in revenues. This revenue may be earmarked for the military pension fund, a priority of President Ferdinand “Bongbong” Marcos Jr. The post BCDA welcomes amended charter appeared first on Daily Tribune......»»
Govt subsidies up 42.53%, Philhealth tops list
The subsidies disbursed to government-owned and -controlled corporations in the first half of the year posted a 42.53 percent increase from a year ago, data released by the Bureau of the Treasury (BTr) showed over the weekend. Data from the Bureau of the Treasury showed subsidies to government-owned and -controlled corporations (GOCCs) from January to June this year increased from P44.69 billion last year to P63.70 billion this year. The national government offers subsidies to government-owned companies to support activities that are not funded by their business earnings or to sponsor particular initiatives or undertakings. Topping the list of government corporations that received the biggest amount of subsidies within the six months is the Philippine Health Insurance Corporation (PHIC or PhilHealth), which got P15.033 billion. PhilHealth is followed by the National Irrigation Administration or NIA (P21.810 billion), Power Sector Assets and Liabilities Management Corporation or PSALM (P5 billion), National Food Authority or NFA (P4.572 billion), and the Bases Conversion and Development Authority or BCDA (P2.910 billion). For June alone, government subsidies to GOCCs spiked to P26.06 billion from P12.33 billion in the same month last year. Leading the top subsidy recipients for the month is PhilHealth with P15.016 billion, followed by the NIA (P3.52 billion), BCDA (P2.91 billion), Philippine Crop Insurance Corporation or PCIC (P863 million), and the Philippine Heart Center or PHC (P853 million). The post Govt subsidies up 42.53%, Philhealth tops list appeared first on Daily Tribune......»»
BCDA’s AFP contribution drops at P3.3B
The contribution of the Bases Conversion and Development Authority to the Armed Forces of the Philippines weakened to P3.3 billion, compared to the P7.21 billion it remitted last 2022. According to BCDA acting president and chief executive officer Joshua Bingcang, the plummeting of remittances was due to the delay in the clearing and turnover to the developer of a portion of the Bonifacio South Pointe property caused by the Covid-19 pandemic. Despite this, Bingcang maintained that this year’s remittance still represents a major share of the state firm’s disposition proceeds as proof of its commitment to help strengthen the country’s troops. “Recognizing the AFP as our major stakeholder, the BCDA always ensures that our Armed Forces receive the biggest chunk from our gross disposition income every year. Our consistent contribution to the military is possible through great efforts to sustain our robust financial standing, bolstered by excellent collection efforts and sound management,” Bingcang said. Aside from the AFP, other beneficiary agencies also received P235.08 million in contributions from the BCDA. These include the National Housing Authority, National Home Mortgage Finance Corp., Home Insurance Guaranty Corp., Department of Public Works and Highways, Department of Transportation, Philippine Health Insurance Corp., Department of Science and Technology, Department of Social Welfare and Development and Department of Labor and Employment, among others. Recognizing the AFP as our major stakeholder, the BCDA always ensures that our Armed Forces receive the biggest chunk from our gross disposition income every year. Meanwhile, the contiguous cities of Makati and Taguig, and the municipality of Pateros were provided P4.79 million. Since its establishment in 1992, the BCDA’s cumulative contributions to the AFP amounted to P59.71 billion, accounting for 44.34 percent of the P134.66 billion disposition proceeds as of end-2022. Pursuant to its mandate under Republic Act 7227 or the Bases Conversion and Development Act, the BCDA generates income from the sale, lease or joint venture arrangements with private sector partners in former military camps in Metro Manila. These proceeds are remitted to the Bureau of the Treasury every year, which are then allocated and distributed by the Department of Budget and Management to the AFP and other beneficiary agencies. The post BCDA’s AFP contribution drops at P3.3B appeared first on Daily Tribune......»»
SCTEX logs highest revenue collection
SUBIC BAY FREEPORT — A total of P3.26 billion worth of toll revenues was recorded by the Subic Clark Tarlac Expressway in 2022, the highest ever since the opening of the expressway in 2008. According to the Bases Conversion and Development Authority, the record-high collection in 2022 surpassed the P2.23- billion toll revenue collection from 2021 as it cited that their highest recorded toll revenue collection before 2022 was in 2019 when the toll revenue collected was recorded at P2.6 billion. “The toll collection in 2022 is 45.92 percent higher than the previous year and is 25.38 percent higher from the previous highest recorded revenue collection, which was in 2019,” the agency said. The BCDA, builder and owner of the SCTEX, cited that the influx of road users is due to the lifting of the pandemic-related border restrictions in 2021. The agency added that the SCTEX was favored among motorists due to its uninterrupted serviceability of the major road network. “As more people go on ‘revenge travel’ and more business operations return back to normal, we saw an increase in traffic volume in SCTEX. The BCDA is optimistic that this trend will be sustained as we continue to bounce back from the pandemic,” said BCDA president and chief executive officer Aileen Zosa. In 2022, the average daily traffic in SCTEX exceeded pre-pandemic levels, reaching 70,894 as compared to 70,538 in 2019. This was also 25.78 percent higher than the 2021 average daily traffic of 56,362. The increase in traffic and toll revenues from SCTEX’s operations in 2022 also resulted in the highest concession fees received by the BCDA from its operations and maintenance partner, NLEX Corp. Last year, the BCDA’s share in SCTEX’s revenues stood at P1.63 billion, 58.83 percent higher than the 2021 level of P1.03 billion. Cumulatively, concession fees collected from NLEX Corp. reached P7.8 billion since 2008. The concession fees collected by BCDA enabled the government to cover its debt payments to the Japan International Cooperation Agency, which provided the financing support for the construction of the expressway amounting to 59.04 billion Japanese Yen. The 93.7-km SCTEX serves as a vital link between the Clark Freeport and Special Economic Zone, the Subic Bay Freeport Zone, and the Central Techno Park in Tarlac. It has been instrumental in the transformation of Central Luzon into a world-class logistics and transshipment hub, opening doors to greater opportunities in investment, trade, and employment, and propelling economic growth in the region. The post SCTEX logs highest revenue collection appeared first on Daily Tribune......»»
BCDA Remittance to Nat’l Gov’t Increases by 64% in 2022
The Bases Conversion and Development Authority (BCDA) reported a substantial increase in remittance to the national government in 2022, rising by 64 percent or PHP7.53 billion. This is up from PHP4.59 billion in 2021. According to BCDA chief executive officer Aileen Zosa, the rise in remittance to the national government was mainly due to the […].....»»
BCDA, SM ready to develop Army lot in Taguig next year
State-run Bases Conversion and Development Authority and the Department of National Defense plan to transfer the Army Support Command facilities in Fort Bonifacio, Taguig to a new P1.5-billion site in Camp Servillano Aquino in Tarlac province next year......»»
BCDA chief Dizon, 3 others sued over SEA Games
Bases Conversion and Development Authority president and chief executive officer Vince Dizon and three others are facing criminal and administrative charges in connection with the alleged anomalous P8.51-billion contract for the construction of the sports facilities in Tarlac that were used during the 2019 Southeast Asian Games......»»
I smell a rat
During the Senate hearing of the P5.795-billion budget of the Bases Conversion and Development Authority two weeks ago, the Senate brought up the finding of the Commission on Audit that the BCDA’s deal with a Malaysian firm, MTD Capital Berhad, was prejudicial to the interests of the government......»»
BCDA seeks additional P229-M budget for Nat’l Academy for Sports
By Vanne Elaine P. Terrazola The Bases Conversion and Development Authority (BCDA) is asking lawmakers for an additional P229 milllion in its 2021 budget for the construction of the National Academy for Sports. During the Senate finance committee’s deliberation of the BCDA’s P5.795-billion proposed budget, BCDA President Vince Dizon said the […].....»»
BCDA chief seeks P229M funding for Nat’l Sports Academy
Bases Conversion Development Authority (BCDA) President and CEO Vince Dizon on Monday asked the senators to provide P229 million to fund the creation of the Philippine National Academy of Sports (NAS) under the 2021 national budget. During Senate Finance Committee deliberations of BCDA’s proposed P5.795-billion budget for 2021, Senator Sonny Angara asked Dizon if there […] The post BCDA chief seeks P229M funding for Nat’l Sports Academy appeared first on Daily Tribune......»»
Milk tariff collections rise by 31% to P2.4 billion
Revenues raised by the government from various imported milk products jumped by 31 percent to P2.36 billion in 2023, the highest in at least eight years, from P1.8 billion in 2022......»»
Sy family invests P5 billion in Megawide affiliate
The Sy family is once again playing a big brother role to a company led by businessman Edgar Saavedra, this time investing in Megawide’s affiliate renewable energy real estate investment trust......»»
Daily Gospel, March 28
This is the Daily Gospel for today, March 28, 2024, which is Holy Thursday (Evening Mass of the Lord’s Supper). READ MORE: Daily Gospel, March 27 Daily Gospel, March 26 Holy Gospel of Jesus Christ according to Saint John 13, 1-15. Before the feast of Passover, Jesus knew that his hour had come to pass.....»»
Israel bombs Gaza, fights Hamas around hospitals
Israeli forces pounded besieged Gaza on Wednesday and fought Hamas around several hospitals, despite a UN Security Council demand for a ceasefire. Talks in Qatar towards a truce and hostage release deal involving US and Egyptian mediators have brought no result so far, with Israel and the Palestinian militant group blaming each other. READ: Israel.....»»
Cebu Pacific books P8 billion profit in 2023
Low-cost carrier Cebu Pacific found itself landing on solid ground in 2023, as it booked a profit of nearly P8 billion on the back of a resurgent demand for air travel......»»
Mega Millions Jackpot Winner of $1.13 Billio
A lucky individual in Monmouth County, New Jersey struck gold this week by winning the $1 billion Mega Millions jackpot. The winning ticket was sold.....»»
JG Summit FY23 profit: P19.6-B (up 216%)
JG Summit, the Gokongwei Family’s diversified conglomerate, teased its FY23 financial results headlined by a 216% increase in the company’s net income to P19.6 billion......»»
Globe closed on an additional P1.16-B in tower sales
Globe Telecom, the Zobel Family’s telecommunications company, disclosed that it closed on the sale of another 91 cell towers to Frontier Towers to raise approximately P1.16 billion in cash......»»
Cebu City buy-bust: Over P12M ‘shabu’ seized from 2 HVIs
CEBU CITY, Philippines – Police confiscated over P12 million worth of suspected shabu from the possession of two men during a bust-bust operation in Brgy. Bulacao, Cebu City on Tuesday evening, March 26. The buy-bust operation was conducted at around 10 p.m. in Lower Sario in Brgy. Bulacao. One of the suspects was identified as.....»»
P1.1 billion released to restore heritage school buildings
The Department of Budget and Management has released P1.1 billion to conserve and restore heritage school buildings in the country......»»