CDC net income breaches R1-B mark

State-owned Clark Development Corporation (CDC) reported that its income has breached the billion-peso mark with 32 percent increase in net income in 2017 to R1.01 billion from R738 million in 2016.

In a report to the CDC Board of Directors, President Noel F. Manankil, said that net income for 2017 alone represented 27 percent of the R3.801-billion income generated for the first 23 years of CDC’s operations.

He added that CDC also remitted cash dividends of more than R2.5 billion to the National Treasury covering the period of 1993 to 2016.

Manankil also said that CDC posted a 20 percent growth in its gross revenues for 2017 to R1.98 billion compared to 1.64 billion in 2016. CDC only had a total revenue of R16.37 billion from 1993 to 2016.

The CDC president also cited the growth on export value inside the Freeport which surged to $6.87 billion last year. This represents a 35 percent upturn from 2016 at $5.08 billion.

While citing the increase of the export volume, Manankil also mentioned that there was also a growth in the number of locators inside the Freeport. He said that there were 54 additional locators that were registered last year, bringing to 949 the total number of locatorfirms in 2017.

This also resulted in additional employment where 107,000 workers were recorded as of December 2017. During the heydays of American troops at the former Clark Air Base, the employment peaked to only about 20,000 workers in over 50-year stay at the military facility.

The industrial and manufacturing industry employ the most number of workers at 48,476 employees. This was followed by ICT industry which has 23,439 number of workers or a 22.70 percent from the total number of workers here.