CDC revenue hits ₱6 B in three years

Published February 2, 2020, 12:00 AM

by manilabulletin_admin


Clark Development Corp. (CDC) said its total revenue generation peaked in the past three years making the freeport one of the premier investment hubs in the country.

In a statement, CDC said the total revenues registered during the Duterte administration (2016-2018) reached ₱6.08 billion accounting for 29 percent of total revenue in its 25-year existence.

CDC President and CEO Noel F. Manankil recently reported that in a span of three years, economic indicators at the Freeport registered record-breaking levels since CDC’s inception in 1993.

Significant growth was also posted in the net income of CDC at ₱3.17 billion or 51 percent of the entire net profit of the state-owned firm from 1993 to 2018. This exceeded the combined earnings of CDC in the past 22 years (1993 to 2015) of ₱3.01 billion.

Some of the top revenue contributors here include Widus International Leisure, Inc., Filinvest Mimosa, Inc., Eight Integrated Development Corp., Eaglesky Technology and Amusement Corp., Yokohama Tire Phils., Inc., L&T International, Inc., Premier Central, Inc., and Puregold Duty-Free, Inc., among others.

Manankil attributed these developments to the sound investment climate and economic policies of the government while thanking the locators for their confidence in Clark.

With the continuous inflow of investments, CDC projected a 58 percent growth of its net income in the next five years (2020-2024).

He also cited that the increasing number of investments here as well as the joint efforts of CDC officials and employees.

Meanwhile, CDC contributed to the National Treasury ₱4.07 billion in cash dividends from 1993 to 2018. A total of ₱2.02 billion was also remitted to the national coffers for the period of 2016 to 2018, representing an almost 50 percent of the entire cash dividends submitted in the last 25 years.