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Manila Bulletin devider Business devider State-run aviation firm remits P203 million to Treasury

State-run aviation firm remits P203 million to Treasury

Published May 14, 2024 07:41 am

State-run aviation firm Clark International Airport Corp. (CIAC) remitted record dividends to the national coffers on the back of its sound financial management.

Arrey Perez, CIAC president, said the government-owned company has remitted dividends totaling P202.9 million from its operations in 2023 to the Bureau of the Treasury.

Perez said the remittance for 2023 was a 12 percent increase compared to the previous year’s P180.4 million. 

He also noted that this year's remittance surpassed the amount paid before the privatization of Clark International Airport’s (CIA) operations and management.

In 2018, CIAC paid dividends amounting to P156.7 million. However, after the airport privatization in 2020, the remittance decreased to P95 million. 

“This year’s amount of P203 million remitted to the national treasury, so far, is the CIAC’s biggest dividends share,” Perez said in a statement on Tuesday, May 14.

Perez credited CIAC’s financial success to fiscal discipline, which resulted in the corporation being debt-free and financially stable. 

Additionally, he said efficient collection from the leases of locators at the Clark civil aviation complex and the influx of new investments also contributed to the increase in revenues. 

CIA is currently managed and operated by the Luzon International Premier Airport Development Corp. (LIPAD), under a 25-year concession agreement with the Bases Conversion and Development Authority.

Related Tags

CIAC CRK Bureau of the Treasury
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