Clark Development Corp. set another record remittance of P1.207 billion in cash dividends to the national government in 2022, up by 63.8 percent from P717 million it remitted in 2021.
The cash dividend for 2022 was the highest single remittance from the CDC and comprised 15 percent of the total remitted cash dividends of P7.986 billion since CDC’s inception in 1993.
CDC remitted a total of P5.932 billion in cash dividends from 2016 to 2022, accounting for 74 percent of the total remittances amounting to P7.98 billion.
CDC also posted record revenues of P3.56 billion in 2022, or 35 percent higher than P2.63 billion in 2021, while computed net income amounted to P2.19 billion, up 68 percent from 2021’s P1.3 billion.
CDC attributed the gains to prudent financial management and locators’ confidence in its leadership that resulted in the generation of new investors, renewals of lease agreements, expansions and innovations in business models to cope with the changing times.
CDC noted an upswing in post-pandemic employment in Clark Freeport Zone. After successive increases since 2020, the Freeport now hosts 127,074 employees spread among 1,096 locators.
It said while some locators left the Freeport, existing companies on expansion mode are pouring in new and massive investments, contributing to the increase in revenue generated by the authority.
It said of the 21 companies that left, two ceased operations during the pandemic while 13 companies did not renew their lease and six pre-terminated their contracts.