Report: CDC on track to meet financial goals

CLARK FREEPORT—DESPITE the pandemic, Clark Development Corp. (CDC) maintains a positive outlook for the coming years as it remains on track in meeting its financial targets.

CDC Assistant Vice President for Finance Alizaido Paras, in a report to former CDC President Noel Manankil, said the free port continuously demonstrate “strong economic foundations.” Manankil gave up his CDC post on Friday for “personal reasons” shortly after the submission of the financial report.

Paras shared that the stateowned firm has generated P4.92 billion net income in the last four years (2016 to 2019) which accounts for 62 percent of the overall net profit achieved by CDC from 1993 to 2019. Figures also show that in just a span of four years, CDC has already surpassed its combined earnings of P3.01 billion in the past 22 years (1993 to 2015).

The corporation also remains confident that it will reach its net income projection of P4.53 billion in three years (2020 to 2022). Results of CDC’S revenue are likewise favorable. From 2016 to 2019, the revenue was posted at P9.018 billion, representing 38 percent of the total generated revenue of CDC in the last 26 years.

Notwithstanding the current situation, CDC expects its revenue to achieve a 24-percent increase compared to its combined revenue from 1993 to 2015. The state- owned firm has also been active in contributing to the National coffers.

In the last 26 years, it has remitted a total of P5.20 billion dividends to the National Treasury. And from 2016 to 2019, it has submitted P3.15 billion to the government, representing 61 percent of the overall dividends in the last 26 years.

Paras also said that in 2019 alone, the state-firm has paid cash dividends amounting to P1.084 billion, where P50 million of which serves as an advance payment applicable to the calendar year 2020 dividend remittance.

CDC’S cash dividends projection for 2020 to 2022 is at P2.88 billion. Meanwhile, Manankil ensured that the state-firm will continue to create initiatives that will help to sustain the financial stance of the free port and, at the same time, assist its locators to recuperate from the far-reaching effect of the Covid-19 pandemic. Currently, the free port is home to 1,262 locator-companies who employ 136,502 workers. Aside from being a premier economic hub, the free port is also a preferred sports tourism destination in the country recognized by the Philippine Sports Tourism Awards both in 2015 and 2018.