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Friday, March 29, 2024

Clark revenues rose 35% to P3.56 billion in 2022

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State-run Clark Development Corp. said Friday revenues climbed 35 percent in 2022 to P3.56 billion from P2.63 billion in 2021, based on an unaudited financial statement.

CDC assistant vice president for finance Alizaido Paras said the latest revenue report represented the highest recorded increase, in comparison to the annual average growth of 8 percent to 9 percent in the past.

CDC said the computed net income of P2.19 billion was also 68 percent higher than the actual income of P1.30 billion in 2021.

Paras attributed the gains to CDC’s prudent financial management and locators’ confidence in its leadership that resulted in the generation of new investors, renewal 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.

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It said that despite the exodus of some locators from the Freeport, existing companies on expansion mode poured in new and massive investments, contributing to the increase in revenue generated by the agency.

It said of the 21 locators who left, two ceased operations during the pandemic while 13 companies did not renew their lease while six pre-terminated their contracts.  

CDC president Agnes Devanadera vowed to attract more investments and improve the ease of doing business in the Freeport to retain existing investors and attract more branded industries.

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