By Bernie Cahiles-Magkilat
For the past three years, Clark Development Corporation (CDC) has declared P2.016 billion which represents half of the total remittances by the state-owned firm to the Bureau of the Treasury in its 25-year existence.
CDC President and CEO Noel F. Manankil said the remittances include P500 million in 2016 and P700 million in 2017, while the P816 million last year will be remitted this coming May 14.
In his report to the CDC Board of Directors recently, Manankil reported that with the remittance of P816 million, the total CDC cash dividends is P4.07 billion covering the period of 1996 to last year.
This is in compliance with the Republic Act No. 7656 or the “Dividend Law” requiring all government-owned and controlled corporations (GOCCs) to declare and remit at least 50 percent of their annual net earnings to the national government.
Manankil also said that CDC posted a 31 percent growth in net income last year, earning P1.35 billion compared to 1.03 billion in 2017. The company has also reported that the net income for 2016 to 2018 reached P3.17 billion, which accounts to 51 percent of its accumulated earnings since 1996.
Exports from the Freeport were, likewise, on uptrend as product values surged to $6.14 billion last year.