The Bases Conversion and Development Authority (BCDA) closed 2024 with gross revenues of PHP11.3 billion, up 3 percent from PHP10.9 billion in 2023.

In a statement over the weekend, BCDA said the increase in revenues was primarily attributed to the joint venture in the Bonifacio Capital District, which resulted in an initial payment of PHP3.5 billion to the BCDA.

Contributing to the higher revenues in 2024 was the PHP925 million increase in toll and airport concession revenues, rising from PHP2.3 billion in 2023 to PHP3.2 billion in 2024.

Dividends from BCDA’s affiliates also rose by PHP25 million, from PHP675 million in 2023 to PHP1 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 Bingcang said.

Bingcang targets BCDA to sustain its revenue to above PHP10 billion this year with ongoing efforts to strengthen partnerships and drive economic growth through infrastructure projects.

“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,” he added.

Under Republic Act 7227, BCDA is tasked with transforming former military bases into hubs for economic development.

The agency generates income through land sales, leases, joint ventures and concession fees.

A portion of these revenues is allocated to the Bureau of the Treasury, supporting the Armed Forces of the Philippines and other beneficiary agencies, while also funding BCDA’s infrastructure initiatives to enhance the competitiveness of its economic zones. (PNA)