BAGUIO CITY— The state-owned Bases Conversion and Development Authority and its subsidiaries, collectively known as the BCDA Group, ranked among the top 25 of the 90 state firms that were evaluated by the Governance Commission for Government-owned and -controlled corporations (GCG) based on corporate governance standards.
“We are pleased with the results but the challenge is to do better,” BCDA president and CEO Arnel Paciano Casanova said.
BCDA subsidiary Poro Point Management Corp., in charge of managing the Poro Point Freeport and Special Economic Zone in La Union, ranked third among the 90 government-owned and -controlled corporations, with a total assessment score of 86 percent.
The BCDA ranked sixth with a score of 79.5 percent; the Clark Development Corp. ranked 12th (71 percent); and John Hay Management Corp. ranked 23rd (59.5 percent).
Casanova said the recognition was won by the consolidation of the BCDA Group’s businesses and resources. “We now work as one unit in synergy and in complementarity, in a more aggressive effort to promote development and inclusive growth within the properties under BCDA’s domain.”
The GCG measured the state firms’ stakeholder relations, disclosure and transparency, and board responsibilities. Although there is no passing or failing mark, the average score of the 90 state firms is 43.34 percent.
The BCDA has been a consistent top revenue earner for the government. It remitted P4 billion to the National Treasury in 2015, a 25-percent increase from the P3.2 billion it remitted in 2014.
The BCDA belongs to the so-called “Billionaires’ Club” or the top GOCCs that remitted P1 billion or more to the National Treasury. The BCDA has consistently remitted more than P2 billion yearly to the Bureau of Treasury.