Newsletter_Jan-Feb 2011 Save PDF - Philippines Bases ...

In the News
BCDA turns over P1.8-B to
National Treasury
by Roy Victor R. Rosales, BCDA Public Affairs Department
M
ALACAÑANG PALACE—the state-owned
BCDA was among the 19 government-owned
and controlled corporations (GOCCs) that
remitted a total of P29.25 billion to the National Treasury
during the Government-Owned and Controlled
Corporation (GOCC) Day last January 28, 2011.
During the ceremonial turnover of GOCCs’ check
dividends and remittances, BCDA Chairman Aloysius
Santos and BCDA Board Director Jose Luis Martin
“Chito” Gascon, turned over a check amounting to
P1.8-billion to the National Treasury. The turnover was
witnessed by President Benigno “Noynoy” S. Aquino III.
The P1.8 billion that BCDA turned over to the National
Treasury represents the share of the Armed Forces of
the Philippines (AFP) from the proceeds/revenues
generated from the redemption of preferred shares
of BCDA in Fort Bonifacio Development Corporation
(FBDC), the joint venture company developing
Bonifacio Global City, where BCDA holds 45 percent
equity.
In his speech, President Aquino said the “dividends
and other remittances from GOCCs will allow the
government to frontload its expenditures and speed
up the implementation of anti-poverty programs,
among others.”
President Aquino added that his administration will
work doubly hard to strengthen GOCC transparency
and disclosure practices to conform with international
best practices.
“Your companies’ major shareholders—the public—will
have access to your financial and operational results,
remuneration policies, related party transactions,
governance structures and policies, among others,”
the chief executive said.
The President also said the Department of Finance
is developing an IT-based reporting system that will
require full disclosure of several aspects of GOCC
operations. “This will give everyone a chance to,
once and for all, prove to the people that every
institution in government is on their side—on the side
of transparency, on the side of truth, on the side of
progress.”
Aside from Chairman Santos and Board Director
Gascon, other BCDA officials who attended the
turnover rites were composed of Executive Vice
President Aileen Zosa, Vice President for Planning and
Business Development Dean Santiago, Vice President
for Finance Nena Radoc, and Manager for Budget
Monitoring Hedda Rulona.
President Benigno “Noynoy” Aquino welcomes BCDA Chairman
Aloysius R. Santos as he turns over to the National Treasury the
corporation’s remittance check amounting to P1.8-B. Also shown in
the photo are: (from left to right) Cavite 1st District Representative
Joseph Emilio Abaya, Finance Secretary Cesar Purisima, Senators
Franklin Drilon & Ralph Recto and BCDA Director Jose Luis Martin
Gascon.
BCDA Chairman Aloysius R. Santos, VP for Business Development
Dean J. Santiago, Budget and Monitoring Department Manager Hedda
Y. Rulona, BCDA Executive Vice President Aileen R. Zosa together
with President Aquino pose for a souvenir shot with the President
after the turnover ceremony.
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