BCDA: Military property sales total P51B as of end-Dec.

Revenues from the disposition of former military properties as of end-2010 totaled P50.822-billion, of which about a third was remitted to the military as mandated by law, state-run Bases Conversion and Development Authority (BCDA) said Tuesday. In a statement, BCDA said it collected P3.282-billion worth of sales proceeds last year. With the redemption of its preferred shares in Fort Bonifacio Development Corp. (FBDC) — the joint venture firm developing Bonifacio Global City where BCDA has a 45-percent share — the agency was able to generate P4.791 billion also last year, BCDA said. The agency will remit P1.847 billion from last year’s revenues to the National Treasury. The money will then be reallocated for the Armed Forces of the Philippines (AFP). Thirty-eight percent of the cumulative sales proceeds, or P19.319 billion, was allocated to the AFP — P9.823 billion for the modernization program and P9.496 billion to replicate facilities for displaced military personnel, according to the BCDA. Also, P10.675 billion was remitted as taxes and fees to the Bureau of Internal Revenue and local government units; housing and relocation expenses for informal occupants affected by the developments; survey, titling, and master planning; construction of site development and utilities projects; and replication expenses for nonmilitary facilities formerly located in the military camps, the agency said. Development of former US bases For the conversion and development of former US bases — Camp John Hay in Baguio City, Clark Air Base in Pampanga, and Poro Point in La Union, as well as the development of the Subic-Clark-Tarlac Expressway (SCTEx) — about P8.482 billion was allocated by the agency. BCDA last year awarded Manila North Tollways Corp. the 33-year right to lease, manage, operate, and maintain the 94-kilometer SCTEx. Fourteen government programs were beneficiaries of P7.092 billion as mandated under Republic Act 7227 or the Bases Conversion and Development Act of 1992. The cities of Makati and Taguig and the municipality Pateros — contiguous to Fort Bonifacio — also received P462.2 million. The P50.822 billion reflected collections from May 1993 to December last year during which former military camps in Metro Manila were sold to private developers. BCDA is still selling lots in Fort Bonifacio and Villamor Air Base, among others. The agency last year awarded Megaworld Corp. the contract to develop the 34.5-hectare Joint US Military Advisory Group (Jusmag) property in Fort Bonifacio. About P26 billion could be generated from existing joint ventures, according to the agency. “The P26-billion projected revenues are conservative estimates of the secured/fixed revenues [expected in the] years 2011 to 2032 from past joint venture contracts [involving] Market! Market!, Serendra, McKinley Hill, Jusmag, and North Bonifacio, among others . . ." BCDA said. “These projected revenues do not include projected revenues from future dispositions and from the 45-percent share being held by BCDA in FBDC," it added. — With Paterno Esmaquel II/VS, GMANews.TV