CDC logs P3.56B net income in 2022
CLARK FREEPORT – Clark Development Corporation (CDC) posted significant gains in revenues and net income in 2022, further highlighting the state-owned firm’s post-pandemic recovery.
According to CDC Assistant Vice President for Finance Alizaido F. Paras, the unaudited financial statement as of December 31, 2022, showed revenue of P3.56 billion for the year, up by 35% from 2021, which stood at P2.63 billion.
It is by far the “highest” recorded increase in revenue that usually averages 8% to 9% annually.
The data also showed a net income of P2.19 billion for CDC, which is 68% higher compared to the 2021 actual P1.30 billion.
Paras said the gains can be attributed to CDC’s prudent financial management and locators’ confidence in its leadership to lead the freeport through the turmoil of the pandemic.
This has resulted in the generation of new investors, renewals of lease agreements, expansions, and even innovations in business models to cope with the changing times.
There has been an upswing in employment post-pandemic in the Clark Freeport Zone.
After successive increases since 2020, it now hosts 127,074 employees among 1,096 locators as of December 31, 2022.
Paras said while there were 21 fewer locators compared to 2021 due to varying factors (non-operational, renewal, pre-termination), the new locators with bigger committed investments and expansions by existing locators contributed to CDC’s increase in revenues and net income.
Of the 21 locators who left, two ceased operations during the pandemic; 13 did not renew, and six pre-terminated their contracts.
The financial developments were foreshadowed by no less than CDC President and CEO Atty. Agnes VST Devandera declared, “we will look forward to the shiniest sunshine during my incumbency as president and CEO of Clark Development Corporation.”
Devanadera said the CDC will focus on improving the “ease of doing” business in the Freeport to retain the existing investors and attract more branded industries and investments.
