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CIAC hits record dividend after overcoming airport privatization dip

Business | Trade & Industry

CIAC hits record dividend after overcoming airport privatization dip

By Dexter Barro II

Clark International Airport Corp. (CIAC) has remitted ₱282 million in dividends to the Bureau of the Treasury (BTr), its highest remittance to the national government yet.

CIAC, the aviation and land development arm of the state-run Bases Conversion and Development Authority (BCDA), said these dividends are 40-percent higher than the previous year’s ₱202 million.

CIAC President and Chief Executive Officer (CEO) Jojit Alcazar said the increase is a “clear indication” of CIAC’s efficient operations in recent years.

“From a decline in 2019 to 2021 due to the airport’s privatization, the remittances picked up in 2022 with the ₱180-million share to government which surpassed the highest remittance in 2018 of ₱161 million when the airport was still operated and managed by CIAC,” said Alcazar.

The remittance of dividends to the national government is aligned with Republic Act (RA) No. 7656, which requires all government-owned and/or -controlled corporations (GOCCs) to declare and remit at least 50 percent of their net earnings as dividends to the national government.

Last year, the Department of Finance (DOF) cited CIAC for remitting dividends way ahead of deadline.

The Governance Commission for GOCCs (GCG) likewise recognized CIAC’s efforts as one of the top 10 GOCCs, based on the GCG’s corporate governance scorecard and performance evaluation system.

CIAC exercises oversight functions over Clark International Airport, while also managing the 2,367-hectare (ha) Clark Aviation Capital.

Related Tags

Clark International Airport Corp. (CIAC) Jojit Alcazar Bases Conversion and Development Authority (BCDA) government-owned and/or -controlled corporations (GOCCs) Governance Commission for GOCCs (GCG)

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