Photo caption: Bases Conversion and Development Authority Senior Vice President for Investment and Financial Management Hedda Y. Rulona (second from left) with Commission on Audit Officer-in-Charge- Supervising Auditor Cherry D. Collado-Tabag (third from left), and state auditors John Paul Valdez (leftmost) and Ermalyn Perez (rightmost).
For the fifteenth consecutive year, the Bases Conversion and Development Authority (BCDA) has received an “unqualified or unmodified opinion,” the highest audit rating from the Commission on Audit (COA), for its 2024 financial statement. This serves as a testament to the organization’s commitment to sound, transparent and prudent utilization of public resources for the benefit of Filipinos.
In accordance with the International Public Sector Accounting Standards, state auditors issue an “unqualified or unmodified opinion” when they conclude that financial statements are “free from material misstatements,” which could arise from either fraud or error.
“Getting the most favorable audit opinion for 15 consecutive years now is a testament that BCDA is serious in ensuring utmost transparency and accountability in our operations, especially in the management of public resources,” said BCDA President and CEO Joshua M. Bingcang.
BCDA has been consistently receiving an unqualified opinion from COA since 2010 as its financial statements were deemed to “present fairly, in all material respects, the financial position” of the state-run firm, and its financial performance and cash flows “in accordance with state accounting principles generally accepted in the Philippines.”
“These recognitions will not be possible without the hard work of the men and women of BCDA in ensuring that the public funds and resources are properly utilized. May we continue to serve our countrymen with unyielding and untainted dedication,” said Engr. Bingcang.
Under Republic Act No. 7227, the BCDA is mandated to transform former military camps into centers of growth. Revenues are generated through land disposition, lease, joint ventures, and concession fees. A portion of these funds is remitted to the Bureau of the Treasury as dividends and contributions to the Armed Forces of the Philippines for its Modernization Program and other beneficiary agencies.
In 2024, the BCDA generated Php22.1 billion in gross revenues, triple the Php7.3 billion posted in 2023. Its strong financial position has allowed it to remit a record-high amount of Php5.3 billion as of July 2025, consisting of Php2.2 billion in dividends, and Php3.1 billion in contributions to beneficiary agencies, including the Armed Forces of the Philippines.