Banking & Finance

Senate Panel okays proposed BCDA 2019 Budget

Date: 12 September 2018; Type: Legal News; Source: Philippine News Agency

MANILA, Sept 12 (PNA) - A Senate sub-committee on finance approved on Wednesday the proposed budget of the Bases Conversion Development Authority (BCDA).

For 2019, BCDA is requesting for a PHP17.18-billion budget, the bulk of which will be for the construction of sports facilities at the National Government Administrative Center (NGAC) in New Clark City, Tarlac, which will be the venue of the 2019 Southeast Asian Games.

BCDA President and Chief Executive Officer Vivencio Dizon said the PHP9.544-billion worth of facilities is already under construction, with payment pending the delivery.

"We will pay the contractors once they (have) completed the facilities and once they have been duly accepted by the BCDA," he said during the deliberations of Finance sub-committee chaired by Senator Joseph Victor Ejercito.

The sports facilities inside the NGAC include a 20,000-seater athletic stadium, a 2,000-seater aquatic center, and an athletes’ village.

In his report, Dizon told the panel that various projects being funded by the PHP6.9-billion budget allocated to BCDA for 2018 are being implemented.

And as of Aug. 31, the actual construction progress of the entire NGAC already reached 24.54 percent.

"Our absorptive capacity as of September 2018 is already 100 percent. All these projects are already ongoing as we speak," he added.

The second biggest component of the 2019 BCDA proposed budget is the continuation of PHP3.964-billion road projects leading to the New Clark City.

Of the PHP17.18 billion, at least PHP2.936 billion will be allocated to the Subic-Clark Railway Project, the PHP500 million to the replication of PAF Facilities in Clark, and the remaining PHP236 million will be used on power subsidy for Clark Development Corp. (CDC).

Upon approval, Ejercito said BCDA's proposed budget for fiscal year 2019 will be submitted to the Senate plenary for consideration.

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