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CDC notes P2.8-B income in 2023

April 1, 2024 Bernard Galang 113 views

CLARK FREEPORT — The Clark Development Corporation (CDC) reported a net income of P2.79 billion in 2023 or up by 28% from P2.19 billion at the close of 2022.

The total assets of the state-owned firm stood at P13.81 billion, posting a 12% growth from the 2022 figure of P12.31 billion.

The Commission on Audit substantiated the figures and recently issued an unmodified opinion on the CDC financial statements for the said year.

Attorney Agnes VST Devanadera, CDC president and chief executive officer, credited the financial gains to prudent fiscal management, incremental revenue shares arising from tourists’ spending, and locators’ confidence in teamwork between the management and the Board of Directors.

Devanadera emphasized that the CDC would continuously aim to improve the ease of doing business in the Freeport to retain existing investors and attract more branded businesses.

With its record-breaking performance, the CDC remitted P1.80 billion in cash dividends to the Bureau of the Treasury on March 25.

This is in support of Finance Secretary Ralph Recto’s request for a higher dividend rate and early remittance.