BCDA remits P1.87B from privatized military camps

State-run Bases Conversion and Development Authority (BCDA) on Thursday said it has remitted P1.874 billion to the National Treasury. The money came from the privatization of military camps in Metro Manila. In a statement, BCDA president and chief executive Arnel Casanova said the figure covering the first five months of the year is the share of the AFP Modernization Fund from the net proceeds of non-sale transactions such as lease and joint-venture agreements. The biggest of these camps include the former Fort Bonifacio and a portion of the Villamor Air Base, which have been developed into mixed-use commercial spaces. “As mandated by Executive Order 309, the AFP gets fifty percent of net proceeds from non-sale transactions," Casanova said. Last May, the BCDA was able to remit P29 million to the National Treasury, Casanova said. From May 1993 to end-May 2011, the BCDA has remitted P33.045 billion to the Treasury, covering proceeds from both sale and non-sale transactions. Of the amount, P21.223 billion went to the AFP for its modernization program (P11.727 billion) and replication of military facilities (P9.496 billion). The remaining P51.021 billion included payments to the Bureau of Internal Revenue and local government units. Casanova said the AFP's share is remitted directly to the Treasury, while the Department of Budget and Management is in charge of programming and appropriating the fund to the AFP. With BCDA's remittances, Casanova said the AFP can now work towards acquiring much-needed resources, "to ensure that our country is protected from both external and internal threats." —JMT/VS, GMA News