State-run Bases Conversion and Development Authority said Monday cash inflow jumped 51 percent in 2015 to P10.7 billion from P7.1 billion in 2014.
BCDA president and chief executive Arnel Paciano Casanova said in a news briefing at New World Plaza Hotel in Makati City the growth in cash inflow was led by several big-ticket projects the agency pursued in 2015.
“We were able to exceed our targets and realize projects that will open up economic opportunities for the country,” Casanova said.
He said among the projects that contributed to robust financial performance in 2015 were the P3.5-billion upfront cash payment of Manila North Tollways Corp. for the maintenance of the 94-kilometer Subic-Clark-Tarlac Expressway and the P1.5-billion proceeds from the partial sale of North Central Business District lots.
BCDA said it created new businesses in 2015 from the disposition of 575.16 hectares in Clark Green City, BCDA-administered special economic zones and the remaining Metro Manila military camps.
The exercise yielded P312 million in cash inflow and P12.5 billion in investment commitments, it said.
BCDA said cash inflow had been rising since 2011. Cash inflow increased from P3.5 billion in 2011 to P5.2 billion in 2012, P6 billion in 2013, P7.1 billion in 2014 and P10.7 billion in 2015.
Casanova said the consistent growth in operating cash was led by efficient collection, successful business ventures and resolution of problematic accounts that affected the agency’s efficiency in previous years.
“Through good governance, we were able to focus on maximizing the value of lands under our stewardship and pursue development projects that benefit both local and national economy,” he said.
BCDA has generated P69.7 billion from asset disposition since 1993. The bulk of the amount, or P30.7 billion, was remitted to the Treasury to finance the modernization of the Armed Forces of the Philippines and the creation of new and better military facilities.
Casanova said that in the last five years from July 2010 to December 2015, BCDA remitted P9.5 billion to the Treasury for the AFP modernization program, surpassing the P8.23 billion remitted in 17 years from 1993 to June 2010.
Under Administrative Order No. 236, several government agencies are also entitled to their share of disposition proceeds.
BCDA remitted P42.8 billion to the Bureau of Treasury from 1996 to 2014, where the AFP and 14 other government agencies shared the proceeds.