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Manila Bulletin devider Business devider State aviation firm, debt-free at last

State aviation firm, debt-free at last

Published Feb 14, 2023 03:30 pm

Clark International Airport Corporation (CIAC) is now free of debts, officer-in-charge Darwin Cunanan announced.

Already, the CIAC has fully paid all of its outstanding loans to the Land Bank of the Philippines and the Development Bank of the Philippines for various airport expansion infrastructure projects, as of the last quarter of 2022.

Hence, “Our thrust now is to strengthen our commercial, engineering and corporate management teams in developing a globally-competitive service and logistics center at the aviation complex surrounding the airport and contribute to the national economy,” he underscored.

“CIAC ensures fiscal discipline and financial viability," the OIC underscored. "We are a debt-free agency and at the same time able to remit dividends to the national treasury.”

The CIAC even boosted its profit margins from 46 percent in 2021 to 58 percent in 2022.

Also, the state aviation firm netted P438.75 million revenues from non-aeronautical and other sources, a 37 percent increase from the previous year.

Overall, the CIAC remitted P369 million dividends to the Bureau of Treasury in several tranches from May to October, 2022, covering its 2019 to 2021 obligations.

CIAC

Incorporated in 1994 as a wholly-owned subsidiary of the Clark Development Corporation, the agency's primary purpose was to operate and manage the Clark Civil Aviation Complex.

The CIAC jurisdiction covers the 2,200-hectare aviation complex, along with approximately 166.9 hectares within the Clark Industrial Estate 5.

Later, the CIAC reverted to the status of a Bases Conversion and Development Authority (BCDA) subsidiary in 2017, under the policy supervision and operational control of the Department of Transportation (DOTr).

Then the DOTr ordered CIAC to supervise and regulate activities within the Clark Civil Aviation Complex, including the Clark International Airport.

The newly-built Clark International Airport Passenger Terminal Building has a capacity of 8 million passengers annually.

With the full implementation of the CIAC Master Development Plan, Clark International Airport will accommodate an estimated 80 million passengers annually.

Related Tags

Clark International Airport CIAC DOTr
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