THE state-owned Bases Conversion Development Authority (BCDA) said it has already generated some P54.48 billion from the sale, lease and joint venture development of former military camps in Metro Manila.
Two of the biggest former military facilities that had been successfully privatized by the BCDA are the former Fort Bonifacio, now known Bonifacio Global City (BGC) and a portion of the Villamor Air Base, now known as Newport City.
Of the P54.48 billion proceeds that BCDA generated since 1992, P21.78 billion went to the Armed Forces of the Philippines (AFP) for its modernization program.
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