50% of Clark’s P4B contributions remitted during Duterte term
In just the first half of the Duterte administration, the Clark Development Corporation (CDC) has declared P2.016 billion, which represents 50 percent of the total remittances of the state-owned firm since it was created 25 years ago.
CDC, a subsidiary of the Bases Conversion and Development Authority (BCDA), remitted P500 million in 2016, P700 million in 2017, while the P816 million in 2018 will be remitted to the national treasury next week.
This brings the total amount to P4.07 billion covering the period of 1996 to 2018.
Republic Act No. 7656 or the “Dividend Law” requires all government-owned and controlled corporations (GOCCs) to declare and remit at least 50 percent of their annual net earnings to the national government.
CDC also posted a 31-percent growth in its net income for 2018, earning P1.35 billion compared to 1.03 billion in 2017. CDC’s net income for 2016 to 2018 reached P3.17 billion, which accounts to 51 percent of its accumulated earnings since 1996.
Exports from the Freeport were likewise on uptrend as product values surged to USD$6.14 billion last year.
While citing the increase of export volume, CDC President and CEO Noel F. Manankil said there were 89 additional locators within the Freeport that were registered last year, bringing in to 1,038 the total number of locator-firms. This also resulted in the additional employment of 122,973 workers.