THE state-owned Bases Conversion and Development Authority (BCDA) said on Monday that it has generated P29.16 billion for the modernization of the Armed Forces of the Philippines (AFP) over the past 22 years.

At the same time, it said it remitted P2.2 billion last month to the national treasury covering revenues earned in 2014. The amount represents the national government’s (NG) dividend share and the share of 14 government beneficiary agencies from BCDA’s asset disposition proceeds.