Monday , May 28, 2018

Clark posts P1-billion 2017 net income

CLARK FREEPORT -- The Clark Development Corporation (CDC) has recorded P1-billion net income in 2017.

Clark Freeport’s net income of P1.01-billion in 2017 reflected a 32 percent increase from its 2016 net income of P738-million.

In a report to the CDC Board of Directors, President Noel F. Manankil said that the Freeport’s revenue in 2017 represented 27 percent of the P3.801-billion income generated for the first 23 years of CDC's operations.

He added that CDC also remitted cash dividends of more than P2.5-billion to the National Treasury covering the period of 1993 to 2016.

Manankil said that CDC posted a 20 percent growth in its gross revenues for 2017, earning P 1.98-billion.

The CDC president cited the growth on export value inside the Freeport which surged to $6.87 billion last year. This represents a 35 percent upturn from 2016 at $5.08-billion.

Manankil said there was also a growth in the number of locators inside the Freeport.

He said that there were 54 additional locators that were registered last year, bringing to 949 the total number of locator-firms in 2017.

The entry of locators inside the Freeport resulted to additional 107,000 workers as of December 2017.

The industrial and manufacturing industry hired 48,476 employees. The Information and Communication Technology ICT industry has 23,439 workers or a 22.70 percent from the total number of workers here.