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Manila Bulletin devider Business devider CDC ramps up dividend remittance to P1.8 billion

CDC ramps up dividend remittance to P1.8 billion

Published Mar 26, 2024 05:21 am

The Department of Finance (DOF) announced that the Clark Development Corp. (CDC) significantly increased its cash dividends to the government coffers for last year.

On Monday, March 25, Finance Secretary Ralph G. Recto received a P1.8 billion check from CDC, reflecting the firm's dividend remittance for 2023, a 49 percent increase from the previous year's P1.21 billion.

The DOF stated that CDC's dividend for 2023 amounted to 56 percent of its net earnings and 65 percent of its net income for that year.

Mandated by Republic Act (RA) No. 7656, also known as the Dividends Law of 1994, all government-owned and controlled corporations must declare and remit at least 50 percent of their annual net earnings to the national government.

“GOCC dividends are a major source of non-tax revenues for the national government to help fund the accelerated implementation of infrastructure and other socioeconomic development programs,” the DOF said.

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Department of Finance (DOF) Clark Development Corporation (CDC) ralph recto Finance Secretary
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