The Bases Conversion and Development Authority (BCDA) has declared 2024 a banner year after its gross revenues breached the P11-billion mark, mainly driven by the joint venture deal for a 6.1-hectare mixed-use development in Taguig City.
BCDA, the government’s arm for the development and disposition of former military bases and properties into premier centers of economic growth, saw its gross revenues increased by 3% to P11.3 billion in 2024 from P10.9 billion in 2023.
In a statement, BCDA attributed the growth to the execution of a joint venture agreement for the 6.1-hectare mixed-use development in Bonifacio Capital District in Taguig, which yielded an initial payment of P3.5 billion to the BCDA.
Additionally, the BCDA’s toll and airport concession revenues saw an increase of P925 million from P2.3 billion in 2023 to P3.2 billion in 2024. Dividends from BCDA’s affiliates also grew by P325 million from P675 million in 2023 to P1 billion in 2024.
“Through collaboration with partners that share our vision and efficient revenue generation efforts, the BCDA wrapped up 2024 as another banner year for the organization, sustaining good financial performance over the years. This is fueled by our mission to build world-class cities and implement game-changing projects for the benefit of the Filipino people,” BCDA President and Chief Executive Officer Joshua M. Bingcang said.
Bingcang expressed optimism that the BCDA will continue to sustain its revenue levels, with earnings projected to remain above P10 billion in 2025. He said this forecast reflected the 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.
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. A share of the earnings are also used to fund the BCDA’s infrastructure projects to help strengthen and boost the competitiveness of its economic zones.
