State-run Clark Development Corp. (CDC) reported a net income of P2.79 billion in 2023, up by 28 percent from P2.19 billion in 2022.
Total assets of the state-owned firm reached P13.81 billion, a 12-percent 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.
CDC president and chief executive Agnes VST Devanadera 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 said 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, 2024.
This is in support of Finance Secretary Ralph Recto’s request for a higher dividend rate and early remittance.
