BCDA remits P5B to national coffers

State-owned Bases Conversion and Development Authority (BCDA) on Tuesday said it remitted some P5 billion to the Bureau of Treasury (BTr) in favor of the Armed Forces of the Philippines (AFP).

In an emailed statement, the BCDA said it remitted almost P5 billion in additional funding for the AFP modernization program.

Under the law, proceeds from the sale of former military camps are to be shared by the BCDA and the AFP.

Examples of such transactions are Fort Bonifacio and Villamor Airbase, which have been developed into Bonifacio Global City and Newport City

Other BCDA-administered freeports and special economic zones include Clark Freeport Zone in Pampanga, John Hay Special Economic Zone in Baguio City, Poro Point Freeport Zone in La Union, and Bataan Technology Park in Morong.

According to the BCDA, revenues will be used as additional funding to acquire military planes.

The Department of National Defense (DND) earlier bought six attack planes for the Philippine Air Force (PAF) from Brazilian aircraft maker Embraer Asia Pacific Pte. Ltd.

It also said the PAF is scheduled to receive AIM-9 “Sidewinder” air-to-air missiles in addition to 12 existing South Korean-made FA-50PH “Fighting Eagle” jets.

“With these missiles, air-to-air combat capabilities of the FA50PH are intensified— making it more capable of protecting the country’s airspace against airborne threats,” the BCDA said.

The additional revenues will also finance the retirement benefits of uniformed personnel.

“The BCDA has also committed to greatly assist the Departments of Finance (DOF) and Budget and Management (DBM) in raising the necessary funds for the retirement benefits of our men and women in uniform,” it said.

Budget Secretary Benjamin Diokno earlier said the pay increase of the uniformed services will cost the government an additional P63.4 billion of which P44 billion will be sourced from the Miscellaneous Personnel Benefits Fund. — Jon Viktor Cabuenas/VDS, GMA News