SCTEX toll collections up

CITY OF SAN FERNANDO–The Bases Conversion and Development Authority (BCDA) announced that revenues from the Subic-Clark-Tarlac Expressway (SCTEX) toll collections increased to P769 million in 2011 from P629 million in the previous year.

Quoting a report from the Commission on Audit, BCDA said the collection from toll fees has added to its generated total revenues amounting to P3.7 billion in 2011, a 51 percent increase compared to 2010 revenues of P2.4 billion.

SCTEX, which traverses the provinces of Tarlac, Pampanga, Bataan and Zambales, is being managed and maintained by the Manila North Tollways Corp. (MNTC), one of the tollway units of infrastructure conglomerate Metro Pacific Investments Corp. (MPIC).

Earlier, the tollway firm has submitted a revised proposal to BCDA for an improved sharing with the government, including a guaranteed share of P90 billion for the BCDA instead of only P65 billion.

Aggregate Growth
The increase in BCDA revenues, according to the COA report, can be attributed to shares from the authority’s joint operations with Serendra, McKinley Hill, Newport City, Jusmag and North Bonifacio developments.

COA’s annual audit report showed that BCDA’s total revenues rose to P1.922 billion from P774 million in 2010.
Meanwhile, revenues from Lease Income rose from P395 million in 2010 to P410 million in 2011.

BCDA registered a P550 million income from operations, a “complete turnaround from 2010’s operating loss of P413 million,” according to Arnel Paciano D. Casanova, BCDA President and CEO.

He explained that this favorable reversal was in spite of an increase in maintenance and other operating expenses, primarily attributable to the increase in BCDA’s contribution to the AFP from P249 million in 2010 to P1.3 billion in 2011.

“The sizable increase in our contributions to the AFP in 2011 underscores the agency’s commitment to help the AFP in its modernization. It continues to be our most significant expense,” said Casanova.

Furthermore, the BCDA remitted an initial P180 million in dividends in 2011, with an additional P346 million in dividends for the same year set to be remitted this 2013.

While the BCDA’s statement of income showed a net loss of P510 million, this was attributed mainly to unrealized foreign exchange loss of P1.554 billion, caused by the translation of BCDA’s yen loan from JICA, which funded the SCTEX, to its peso equivalent using the exchange rate as of Dec. 31, 2011, as required by accounting standards.

Casanova said that while the P510 million figure was a net loss, it was a considerable improvement from 2010’s net loss of P2.8 billion.
“We saw a dramatic bottom-line improvement from 2010 to 2011, as we cut down our net loss by more than P2 billion despite forex losses,” Casanova remarked.

He cited BCDA’s diligent efforts to collect payments, as well as the reduction of personnel benefits from P81 million to P22 million, as among the key initiatives in boosting revenues and reducing expenses in 2011.

“Our efforts to become financially healthy in 2011, marked by efficient collecting and prudent spending, enabled us to achieve even better figures in 2012. Basing on preliminary reports, we expect a much better financial result of P5 billion net income for 2012, this time aided by a favorable peso-yen exchange rate,” Casanova said.

“We shall continue to observe good corporate governance, sound financial management and stewardship of assets, consistent with President Aquino’s ‘Matuwid na Daan’ policy,” he concluded. •Marna Dagumboy-del Rosario

http://www.headlinegl.com/sctex-toll-collections-up/

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