By Henry Empeño / January 9, 2025

A major joint venture deal, toll and airport concessions, plus dividends from affiliates drove gross revenues of the Bases Conversion and Development Authority (BCDA) to breach the P11-billion mark last year.

The government-owned and controlled corporation said in a statement that its gross income increased by 3% from P10.9 billion in 2023 to P11.3 billion in 2024 due mainly to the execution of a joint venture agreement for the development of a 6.1-hectare mixed-use development at the Bonifacio Capital District in Taguig City.

The Bonifacio Capital District is a financial district being developed in partnership with Megaworld Corporation, reputedly the country’s largest developer and pioneer of integrated urban townships.

Said project yielded an initial P3.5 billion payment to the BCDA, thus wrapping up what BCDA President and Chief Executive Officer Joshua M. Bingcang described as “another banner year” for the agency.

Aside from this, the BCDA said it also posted a P925-million increases in toll and airport concession revenues from P2.3 billion in 2023 to P3.2 billion last year.

Dividends from affiliates in the BCDA Group also jumped by P325 million from P675 million in 2023 to P1 billion in 2024, the agency added.

“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,” Bingcang said.

“This is fueled by our mission to build world-class cities and implement game-changing projects for the benefit of the Filipino people,” he added.

Bingcang also expressed optimism that the BCDA will maintain its revenue levels this year, with earnings projected to remain above P10 billion in 2025.

He said the projected revenues reflect the BCDA’s continued efforts to foster strong partnerships and implement projects that fuel economic growth and infrastructure development in the country. 

The BCDA, under R.A. 7227 or the Bases Conversion and Development Act, is mandated to transform 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 National Treasury through dividends and contributions to the Armed Forces of the Philippines and other beneficiary agencies, as well as funding infrastructure projects to strengthen and boost the competitiveness of economic zones under its authority. 