Clark earns record P1.35 B last year

Clark Development Corp. (CDC) earned a record P1.35 billion last year on the back of higher revenues, the state agency said in a statement.

CDC said its net earnings grew 31 percent from the previous record of P1.03 billion in 2017, making up 22 percent of the total P6.18 billion net profit of the staterun firm since it was established in 1993.

CDC’s gross revenue also rose 22 percent to P2.46 billion last year from P2.01 billion in 2017.

Created by Executive Order 80, CDC is responsible for making Clark Freeport Zone a premier investment and business center.

CDC is part of the Bases Conversion and Development Authority Group which is mandated to transform former US military bases into alternative productive civilian use.

The Clark freeport had a total of 1,038 locators last year, of which 89 are new registrants.

As the number of locators increased, exports from the freeport reached $4.7 billion last year.

CDC also saw the number of jobs at the freeport rise to 122,973 last year from 107,000 in 2017.

“For the coming years, it is expected that the number of employment will continue to grow with the forthcoming developments at the New Clark City where an estimated 582,000 individuals will belong to its workforce in the long run,” CDC said.