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Manila Bulletin devider Business devider CIAC remits P176 M to national coffers

CIAC remits P176 M to national coffers

Published Jun 28, 2022 11:34 am

Clark International Airport Corp. (CIAC) remitted a total of P176,739,971.00 dividends to the Bureau of Treasury, the state-run company reported Tuesday, June 28.

The 2022 dividend share to the government was 35 percent higher than the P130.5 million contribution of the agency to the national treasury at the height of the COVID-19 outbreak in 2020.

“Despite the overwhelming challenges at the Clark aviation complex brought about by the pandemic, CIAC’s operational flexibility and fiscal discipline has generated an upward annual profit margin from 16 percent to 27 percent and thereafter to 46 percent from 2019 to 2021, and thus, our capacity to remit dividends,” stated CIAC President Aaron Aquino.

From the total amount of dividends settled, P156.74 million was remitted on May 5, 2022 and P20 million last May 16, 2022, payments derived from revenues in managing the aviation complex.

"In the coming years, we hope to sustain and even increase CIAC's modest contribution to the national government funds by improving the business climate here at the Clark aviation complex, encourage more foreign investments, and promote post-pandemic economic recovery, as well,” Aquino committed.

CIAC dividends remitted comply with the Republic Act 7656 that direct all government-owned and controlled corporations (GOCC) to declare and remit at least 50 percent of their net earnings to the National Treasury.

CIAC is the agency tasked to develop the Clark Civil Aviation Complex, home to the privately-run Clark International Airport, as well as the mixed-use business district Clark Global City, and several locators in cargo and aviation-related businesses.

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