However, the amount given by BCDA to AFP this year has dropped by 54 percent compared to last year.
From the previous P7.21 billion last year, BCDA's remittance to AFP this year is only at P3.31 billion due to the delay in clearing and turnover to the developer of a portion of the Bonifacio South Pointe property due to the Covid-19 pandemic.
BCDA has also given funds to the neighboring cities of Taguig and Makati, and the municipality of Pateros, amounting to P4.79 million.
In addition, BCDA has shared P235.08 million with agencies including the National Housing Authority, National Home Mortgage Finance Corp., Home Insurance Guaranty Corp., Department of Public Works and Highways, Department of Transportation, Philippine Health Insurance Corp., Department of Science and Technology, Department of Social Welfare and Development, and Department of Labor and Employment.
Acting President and Chief Executive Officer Joshua Bingcang stated in a release that "BCDA always ensures that our Armed Forces receive the biggest chunk from our gross disposition income every year. Our consistent contribution to the military is possible through great efforts to sustain our robust financial standing, bolstered by excellent collection efforts and sound management."
Since its establishment in 1992, BCDA has given a total of P59.71 billion to the AFP. This is based on BCDA's mandate under Republic Act 7227, or the Bases Conversion and Development Act, wherein its earnings which come from the sale, lease, or joint venture arrangements with the private sector in former military camps in Metro Manila are distributed to its beneficiaries.
These earnings are submitted to the Bureau of Treasury annually and are distributed by the Department of Budget and Management to the AFP and other beneficiaries.
