CDC remits ₧1.8B worth of cash dividends to BTR
STATE-RUN firm Clark Development Corp. (CDC) remitted a total of P1.80 billion worth of cash dividends for 2023 to the Bureau of the Treasury (BTR) to earmark the national government’s development programs and projects.
Finance Secretary Ralph G. Recto received the cheque from Chairman Edgardo D. Pamintuan and President and CEO Agnes VST Devenadera on Monday at the office of the Department of Finance (DOF).
The cash dividend in 2023 rose by 49 percent from the P1.21-billion remittance in the previous year, according to the DOF.
The CDC said that it recorded its “highest levels” in financial performance in 2023 since its management of the Clark Freeport Zone in 1993. The DOF said CDC’S dividend rate for 2023 was 56 percent of its net earnings and 65 percent of its net income for the said year.
All government-owned and -controlled corporations (GOCCS) are mandated to declare and remit at least 50 percent of their annual net earnings to the national government pursuant to Republic Act (RA) no. 7656 or the Dividends Law of 1994.
GOCCS’ dividends are non-tax revenues that will finance the implementation of infrastructure and other socioeconomic development programs of the national government.
Earlier, the CDC said it bagged P44.4 billion in investment commitments in March. The investments are in the sectors of renewable energy, tourism, semiconductors, electronics, pharmaceuticals, medical devices, green minerals, food and agriculture, and steel, it said.
The CDC added this will boost employment opportunities in the region, generating over 5,800 employees to its workforce.
The investors are Donggwang Clark Corp. with P20 billion, BB International Leisure and Resort Development Corp. investing P15 billion, Devicedesign Philippines Corp. with P103 million, Yokohama Tire Philippines Inc. allocating P3.56 billion, and Clark Water Corp. with P5.56 billion, among others.
The DOF said national Treasurer Sharon P. Almanza and Deputy Treasurer Erwin D. Santa Ana, Privatization and Partnership Group (PPG) Undersecretary Catherine L. Fong, DOF Corporate Affairs and Strategic Infrastructure Group (Casig) Director Joanna P. Castillo and the CDC Board of Directors and senior officers were present at the turnover ceremony last Tuesday.
Last Monday, the Philippine Amusement and Gaming Corp. (Pagcor) announced last Monday remitted a total of P4.59 billion in cash dividends to the BTR.