CDC net profit jumps 31% in 2018

State-run Clark Development Corporation (CDC) posted a 31 percent increase in net income in 2018 to 11.35 billion from 11.93-billion in 2017.In a statement, CDC President Noel F. Manankil noted that the net income in 2018 alone already accounted for 22 percent of the combined 16.18 billion net income of the state firm from 1993 to 2018. CDC also reported that its gross revenue also surged to 12.46 billion, or 22 percent higher compared to 12.01 billion in 2017. It has also remitted cash dividends of 13.25 billion to the National Treasury from the period 1993-2017. Meanwhile, exports also rose to $4.7 billion on the growing number of locators. CDC did not provide comparative 2017 figure. But it said 89 locators were registered last year, bringing the total of locator firms to 1,038. Consequently, employment rose to 122,973 in 2018 with additional 15,973 workers hired compared to the 107,000 in 2017. More jobs are expected to be generated within the special economic and freeport zone with the developments at the New Clark City, which is expected to employ 582,000 individuals in the long run. The state-owned firm attributed these improvements to the continuous effort and support of its stakeholders in making this Freeport an area of development on investment, employment and export. (BCM)