September 3, 2024 | 12:00am
MANILA, Philippines — State-run Bases Conversion and Development Authority posted a 21 percent growth in profit last year as revenues increased.
The BCDA’s annual report showed profit after tax reached P3.699 billion in 2023, higher than the P3.067 billion in 2022.
It said gross revenues rose by 13.7 percent to P7.404 billion last year from P6.510 billion in 2022.
Driving the increase are the sale of gross floor area amounting to P285 million, dividends received from Fort Bonifacio Development Corp. of P675 million and interest income of P768 million.
Also contributing to the higher revenues are toll revenues from the Subic-Clark-Tarlac Expressway, which climbed by 19 percent to P1.946 billion last year from P1.629 billion in 2022.
The operations and maintenance of Clark International Airport also contributed P270 million worth of revenues in 2023, 116 percent higher than the P125 million in 2022.
BCDA’s operating expenses also went up by 6.29 percent year-on-year to P3.311 billion in 2023.
“The increase was driven by the higher depreciation expense from various capitalized infrastructure projects, the cost of GFA sold, and personnel services due to the implementation of the Compensation and Position Classification System,” the BCDA said.
From May 1993 to December 2023, proceeds generated by the BCDA from Metro Manila camps reached P141.01 billion, five percent higher than the P134.66 billion in the previous year.
The total disposition proceeds consist of P66.44 billion from joint ventures, P41.63 billion from sales, P13.04 billion from leases and P19.90 billion from other receipts.
Created under Republic Act 7227, the BCDA is mandated to help strengthen the Armed Forces of the Philippines, while building great cities.
Every year, the BCDA remits the proceeds from its disposition program to the Bureau of the Treasury.
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