The Bases Conversion and Development Authority (BCDA) remitted over P5 billion in guarantee fees and dividends to the government last year, the Finance department reported on Monday. In addition to the asset sale income, the BCDA also remitted P130 million in dividends and P250 million in guarantee fees. The agency remitted P3.93 billion a year earlier, of which P3.39 billion went to the AFP Modernization Program. In a statement, the BCDA said a recent remittance of P1.2 billion was in addition to the P3.6 billion contribution forwarded earlier this year for the AFP Modernization Program. This is in line with BCDA’s mandate to strengthen the Armed Forces while building great cities.”

Source: Manila Times January 08, 2018 16:52 UTC