Clark Development Corporation (CDC) marked its 29 years in service with the significant milestones it has achieved amidst the challenges posed by the global health crisis. The state-owned firm’s remarkable gains on investments, financial performance, and other developments also underscored its resilience and stability in the face of adversity.
Growth in numbers
With 1,153 locator companies from diverse industries, CDC soars even higher. These locator firms presently employ a total of 121,341 workers from the Freeport’s surrounding communities. A growth in the aggregate investments in Clark was also observed, with a value of P 9.6 billion for 2021.
Meanwhile, industry leaders from around the world are also turning to Clark for a more favorable investment climate. According to a report released by the Philippine Statistics Authority, CDC has the third highest share on the country’s overall growth rate in terms of approved Foreign Investments. CDC’s stake was valued at P 3.68 billion, an increase of 43 percent than in 2020 with P2.57 billion.
Filipino investments in Clark are also on the rise with a 16.2 percent growth in 2021. The approved foreign investments are expected to generate 6,690 job opportunities in Clark.
Outstanding economic performance
CDC has reinforced the positioning of Clark Freeport Zone as a premier investment destination across the globe with its notable pecuniary performance last year. Positive developments on its finances were posed, citing a revenue of P2.63 Billion for 2021 which is one percent higher than its data in 2020 at P2.60 Billion. The state-run corporation similarly maintained a strong financial stance with an overall cash position of P5.96 Billion in 2021. This signifies a 15 percent upturn compared to the figure in 2020 at P5.19 billion.
The government–owned corporation correspondingly generated a P1.30 Billion net income last year, a 55 percent upswing against its P0.84 Billion net income in 2020. CDC’s financial report also showed that the 2021 exports value in Clark is US$ 7.2 Billion while imports is US$6.7 Billion.
Sprawling developments
More developments on infrastructures and tourism are shaping up in the Freeport. These enhanced the promotion of Clark as one of the leading Meetings, Incentives, Conferences, and Exhibit (M.I.C.E.) destinations across the region. Some of the exciting new attractions in Clark include the launching of the Hann Resort and Casino, an integrated gaming, leisure, and entertainment center with an estimated investment of P1.2 Billion. Added to this, is the opening of the Clark Safari and Adventure Park on a 40-hectare property with a P135 million investment. These improvements will complement the imminent development of an intermodal transportation system that will provide effective, efficient, and smart mode of transportation in and around the zone.
CDC and SM Prime Holdings Inc. inked a lease agreement in June 2021 for the construction of the P2 billion transport terminal that is intended to increase job opportunities while also providing a sufficient number of departure bays for Public Utility Jeepneys (PUJs), Bus Rapid Transit (BRT), shuttle services, taxis, and other means of land transportation.
CDC’s commitment and drive to face the hurdles posed by changing times propelled it to greater heights. The corporation’s strong economic foundation along with its other feats are the direct results of the persistent works and partnership of of the management, employees, locators, and stakeholders of CDC. Ultimately, CDC’s unstinted initiatives in championing the welfare of its nearby communities, as well as its efforts to provide inclusive development, bolstered the state-owned firm’s track record of success for 29 years that no adversity can ever undermine.
