For the 15th consecutive year, the Bases Conversion and Development Authority (BCDA) earned the highest audit rating from the Commission on Audit (COA) for its 2024 financial statement—a clear reflection of its strong commitment to transparency and accountability in managing public resources.
COA issued an “unqualified or unmodified opinion,” indicating that BCDA’s financial statements are free from material misstatements, whether due to fraud or error, and comply with the International Public Sector Accounting Standards.
“Receiving the most favorable audit opinion for 15 straight years shows BCDA’s seriousness in ensuring accountability in our operations,” said BCDA President and CEO Joshua M. Bingcang.
BCDA has consistently earned top marks since 2010 for presenting fair and accurate financial performance and cash flows “in accordance with state accounting principles generally accepted in the Philippines.”
“These recognitions are due to the hard work of our team in ensuring that public funds are managed with integrity. We remain committed to serving with untainted dedication,” added Bingcang.
In 2024, BCDA generated Php22.1 billion in gross revenues—three times more than its Php7.3 billion total in 2023. By July 2025, it had remitted a record-high Php5.3 billion, composed of Php2.2 billion in dividends and Php3.1 billion in contributions to the Armed Forces of the Philippines and other beneficiaries.
Created under Republic Act No. 7227, the BCDA is mandated to convert former military camps into productive economic zones, with proceeds supporting national development, especially AFP modernization.
BCDA Senior Vice President for Investment and Financial Management Hedda Y. Rulona (second from left) with COA Supervising Auditor OIC Cherry D. Collado-Tabag and state auditors John Paul Valdez and Ermalyn Perez
Photo: 𝐵𝐶𝐷𝐴 𝑆𝑒𝑛𝑖𝑜𝑟 𝑉𝑖𝑐𝑒 𝑃𝑟𝑒𝑠𝑖𝑑𝑒𝑛𝑡 𝑓𝑜𝑟 𝐼𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡 𝑎𝑛𝑑 𝐹𝑖𝑛𝑎𝑛𝑐𝑖𝑎𝑙 𝑀𝑎𝑛𝑎𝑔𝑒𝑚𝑒𝑛𝑡 𝐻𝑒𝑑𝑑𝑎 𝑌. 𝑅𝑢𝑙𝑜𝑛𝑎 𝑤𝑖𝑡ℎ 𝐶𝑂𝐴 𝑆𝑢𝑝𝑒𝑟𝑣𝑖𝑠𝑖𝑛𝑔 𝐴𝑢𝑑𝑖𝑡𝑜𝑟 𝑂𝐼𝐶 𝐶ℎ𝑒𝑟𝑟𝑦 𝐷. 𝐶𝑜𝑙𝑙𝑎𝑑𝑜-𝑇𝑎𝑏𝑎𝑔, 𝑎𝑛𝑑 𝑠𝑡𝑎𝑡𝑒 𝑎𝑢𝑑𝑖𝑡𝑜𝑟𝑠 𝐽𝑜ℎ𝑛 𝑃𝑎𝑢𝑙 𝑉𝑎𝑙𝑑𝑒𝑧 𝑎𝑛𝑑 𝐸𝑟𝑚𝑎𝑙𝑦𝑛 𝑃𝑒𝑟𝑒𝑧.
