CDC on track to meet its financial targets
CLARK FREEPORT – Despite the pandemic, Clark Development Corporation (CDC) maintains a positive outlook for the coming years as it remains on track in meeting its financial targets.
In a report by CDC Assistant Vice President for Finance Alizaido Paras to CDC President and CEO Noel F. Manankil, he said the state-owned firm has generated R4.92-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.
In just a span of four years, CDC has already surpassed its combined earnings of R3.01 billion in the past 22 years (1993 to 2015). The corporation said it is confident that it will reach its net income projection of R4.53 billion in three years (2020 to 2022).
From 2016 to 2019 CDC said its revenue was posted at R9.018 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 have 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 R5.20-billion dividends to the National Treasury. And from 2016 to 2019, it has submitted R3.15 billion to the government, representing 61 percent of the overall dividends in the last 26 years.
Paras said that in 2019 alone, the state-firm has paid cash dividends amounting to R1.084 billion, R50 million of which served as an advance payment applicable to the calendar year 2020 dividend remittance.
CDC’s cash dividends projection for 2020 to 2022 is at
R2.88 billion. Manankil said the statefirm will continue to create initiatives that will help to sustain the financial stance of the freeport and, at the same time, assist its locators to recuperate from the effect of the COVID-19 pandemic.
The Freeport is home to 1,262 locator-companies who employ 136,502 workers. Aside from being a premier economic hub, the freeport is also a preferred sports tourism destination in the country recognized by the Philippine Sports Tourism Awards both in 2015 and 2018.