BCDA shoots for PHP 70B in investment approvals

The Bases Conversion and Development Authority (BCDA) said it is hoping to double its investment approvals to P70 billion this year and breach P100 billion in funds remitted to the Treasury since 1993.

“Last year, our investment approvals were around PHP 30 billion, now it is already more. Our target this year is around P70 billion, which is double last year,” BCDA President and Chief Executive Officer Joshua M. Bingcang said at a roundtable on Friday. 

“It is because more of our infrastructures are complete, so we are prepared to welcome more investment,” he added.

According to Mr. Bingcang, the BCDA has approved PHP 57 billion worth of investment pledges as of August.

“We are on track to reach P70 billion by year-end. So, I think what will happen is we will have the third biggest approvals after the Board of Investments and the Philippine Economic Zone Authority,” he added.

The Philippine Statistics Authority (PSA) has reported that the BCDA approved around PHP 32 billion worth of investment pledges last year.

These include the P4-billion waste-to-energy deal it entered into with Indian engineering firm Uttamenergy Ltd.

The project will be developed by a consortium of Uttamenergy and the Philippines’ Global Heavy Equipment and Construction Corp. and ATD Waste-to-Energy Corp.

He said that the BCDA is set to visit South Korea and Japan in September and October, respectively.

Separately, Mr. Bingcang said the BCDA is on track to breach PHP 100 billion in remittances to the government since May 1993.

“We will breach the PHP 100-billion remittance to the National Government. We were at PHP 96 billion as of May,” he said.

Remittances as of May consisted of PHP 78 billion in disposition proceeds, PHP 12.1 billion in dividends, PHP 3.9 billion in guarantee fees, and PHP 1.8 billion in other remittances.

He added that the BCDA will also be investing around PHP 1 billion over the next two years in improving the Subic–Clark–Tarlac Expressway (SCTEX).

“My goal is to complete all the interchanges that were not done before because we didn’t have the budget. Now, because we have extra revenue on top of our payment to our Japan International Cooperation Agency loan, it’s time to give back and reinvest,” he said.

He said that the goal is to demonstrate improved services on the toll road alongside higher tolls.

“We’ll be completing three more interchanges in Luisita (Tarlac), Hermosa (Bataan), and Mabalacat (Pampanga). We will also be installing road lighting,” he added.

For lighting, the BCDA has earmarked PHP 300 million, as well as PHP 250 million for each interchange.

“We’ll be investing around PHP 1 billion for the improvement of SCTEX, probably over two years because the approval process is not under our control; we will still need the approval of the Toll Regulatory Board,” he added.

He said that the PHP 1 billion is already earmarked for SCTEX and noted that more services on the toll road are being planned.

“We will be coming up with more service facilities in SCTEX, especially if you’re going to Subic. There are none currently,” he said.

He said fuel station concessions can be directly negotiated and may not go through bidding. — Justine Irish D. Tabile