Clark Development Corp. has declared as much as P2 billion in remittances in the last three years, or about half of the total it paid to the National Treasury in 25 years.
The company remitted P500 million in 2016 and P700 million in 2017. It is set to remit P816 million from its 2018 income to the National Treasury on May 14, 2019
CDC president and chief executive Noel Manankil said in his report to the CDC board that with the latest remittance of P816 million, the total CDC cash dividends remitted was P4.07 billion covering 1996 to 2018.
The payment is in compliance with the “Dividend Law” requiring all state-owned companies to declare and remit at least 50 percent of their annual net earnings to the national government.
Manankil said CDC performed well above expectations with a 31-percent growth in net income in 2018 to P1.35 billion from P1.03 billion in 2017.
Net income from 2016 to 2018 reached P3.17 billion, accounting for 51 percent of accumulated earnings since 1996.