Clark Development Corp. (CDC) said Tuesday it remitted a record P1.8 billion to the national government this year, or 49 percent higher than the previous year’s P1.2 billion.
CDC president and chief executive Agnes VST Devanadera said the latest remittance is the single highest cash dividend remitted to the national government.
CDC’s dividend rate for 2023 represented 56 percent of its net earnings and 65 percent of its net income for the said year, per Department of Finance records.
The high dividend is a result of the CDC’s strongest financial performance since assuming management of the Clark Freeport Zone in 1993.
Dividends from government-owned and controlled corporations (GOCCs) like the CDC are a vital source of non-tax revenue that supports the national government’s infrastructure and socio-economic development programs.
Finance Secretary Ralph Recto expressed gratitude to the CDC leadership for their ongoing support and for personally delivering the check to the DOF.
He acknowledged the CDC’s role in supporting President Ferdinand Marcos Jr.’s key projects within Clark Freeport, including the Clark Multi-Specialty Medical Center and the National Museum for North and Central Luzon.
He also cited CDC for its sound financial management and commitment to supporting national development initiatives.
The agency sets a positive example for other GOCCs in contributing to the country’s economic progress.