The targetted income for the year is lower by 39 percent as against P2.146 billion generated last year because of the income from big ticket joint ventures like Serendra and Market Market developments contributing to its hefty income.

BCDA president and CEO Narciso Abaya reported that for the first four months this year, the agency has generated P443 in income.

The amount is 33 percent lower than P666.2 million generated in the same period last year.

Abaya said that BCDA is shifting its financial strategy from that of generating revenues from the sale of Metro Manila camps to entering in joint venture and lease agreements with the country’s top developers to ensure a steady annual recurring income.

The BCDA has entered into joint-development agreements and lease agreements with Ayala Land Inc., the Alliance Global Group, and Megaworld Corporation for the development of portions of Fort Bonifacio. Among the joint venture projects include Serendra — a residential complex comprised of several low and mid-rise towers; Market! Market! Mall and; McKinley Hills — a mixed-use complex comprising of a residential subdivision, low-rise condominium and a commercial center.

"The joint-development agreements and lease agreements with the private sector will result in payments of a projected P40 billion for the next 25 years," Mr. Abaya said.

He added that the joint venture and lease agreements reflect the confidence of top developers in the BCDA as an investing partner in developing the Bonifacio Global City.

Abaya also noted that the recent corporate governance scorecard released by the Institute of Corporate Directors (ICD) that ranked BCDA among the top ten government –owned and –controlled corporations (GOCCs) and government financial institutions (GFIs) underscores BCDA’s resolve to ensure transparency in all its transactions by making sure that all major undertakings require board approval, all projects are bidded out, and all contracts are reviewed by the Office of the Government Corporate Counsel.