CLARK FREEPORT --- The Bases Conversion and Development Authority (BCDA) has stated that it remitted about P5 billion to the Bureau of Treasury (BTr).
The additional funds will be used for the modernization of the Armed Forces of the Philippines or the AFP.
The revenues were derived from the sale of former military camps like Fort Bonifacio and Villamor Air Base which were converted into Bonifacio Global City and Newport City.
The law provides that the proceeds from the sale of the properties will be shared by the BCDA and Armed Forces of the Philippines (AFP).
Other BCDA-controlled areas include Clark Freeport in Pampanga, John Hay Special Economic Zone in Baguio City, Poro Point Freeport in La Union, and Bataan Technology Park in Morong.
The BCDA disclosed that additional revenues will be utilized in the acquisition of military aircraft.
The funds will also be used in the retirement benefits of AFP personnel.
The government needs additional P63.4 billion for the pay increase of the uniformed services.
