Philippine Daily Inquirer
By: Amy R. Remo, February 1st, 2016 11:58 PM
STATE-RUN Bases Conversion Development Authority (BCDA) performed better than expected in 2015 as the agency’s revenues rose by 51 percent to P10.7 billion on the back of windfall profit from the Subic-Clark-Tarlac Expressway (SCTEx).
In a briefing Monday, BCDA president and CEO Arnel Paciano D. Casanova said the consistent increases in the agency’s revenues over the past years were due to “good financial housekeeping, which has created more value for assets and led to record increases in revenues.”
Boosting last year’s revenues were the P3.5 billion upfront payment made by the Manila North Tollways Corp. (MNTC). The agreement, which would be in effect for 28 years until 2043, gave MNTC the responsibility over the management services, toll collection, traffic safety and security management, toll road and facilities maintenance and all necessary support services required for the 94-kilometer SCTEx.
Gross toll revenues generated from the SCTEx grew by 22 percent to P1.45 billion in 2015 from the previous year’s P1.18 billion. This was due to the growing number of vehicles plying the said expressway.
The BCDA also secured P12.5 billion in investment commitments and P312 million in cash inflows from new business contracts for areas being managed by the agency, including Clark Green City, special economic zones, and Metro Manila military camps.
As of end 2015, BCDA’s ending cash balance stood at P17.5 billion, which the agency is reinvesting in new projects that can create value and benefit for the Armed Forces of the Philippines.
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