The Clark International Airport Corporation (CIAC) has more than ways to celebrate its 28th anniversary with its accomplishments. It has announced that it has remitted dividends to the national treasury and paid-off all its loans including those that were borrowed from Land Bank of the Philippines and Development Bank of the Philippines. The said loans were used for various expansions on infrastructure projects.
According to its Officer-in-Charge President and Chief Executive Officer Darwin Cunanan of the said corporation, CIAC is now debt-free and in fact, has even remitted P369 million in dividends to the national government. He added that CIAC is ensuring fiscal discipline and financial viability and they adhere to the highest standards of corporate governance. “Sana all” to all government owned and controlled corporations or GOCCs.
A couple of months ago, I visited the Clark International Airport’s new passenger terminal building to fetch a cousin visiting the country. I was amazed by the size and beauty of the airport that we Filipinos and not only kapampangans can be proud of. The said fact can perhaps be enticing to airline companies and other business investors to consider the said airport that is world-class.
CIAC’s leadership is on the right track in developing and maintaining the excellent status of the airport, considering the post-pandemic growing demand for air travel and airport access for provinces north of Metro Manila. Its debt payment and remittance of dividends to the government are proof that there is indeed fiscal discipline and sound financial management among the people running the airport.
Looking back, the Clark airport was privatized in 2019 under a 25-year concession agreement between the Bases Conversion Authority (BCDA) and the Luzon International Premier Airport Development Corporation (LIPAD). Cunanan points out to the robust partnership LIPAD and CIAC that makes growth and development at the Clark aviation complex possible.
In fact, both corporations are into proceeding with the development plans not only for the airport but for the prime government land within the premises for commercial and economic development. CIAC’S thrust now is to strengthen its commercial, engineering and corporate management teams in developing globally-competitive service and logistics center that will contribute to the national economy.
Last year, CIAC has generated a net income of P438.75 million revenue from non-aeronautical and other sources. This means that its operations is profitable and that its management is in the right hands in terms of fiscal management.
The newly constructed Clark International Airport Passenger Terminal Building has a capacity of 8 million passengers annually. When into the full implementation of the CIAC Master Development Plan, the airport can accommodate an estimated 80 million passengers yearly. We hope that sooner, the airport will become the country’s premier gateway for air travel taking into consideration it is located in the heart of Luzon and inside a Freeport zone. It is very accessible through expressways and highways and later on through the North Rail train system that will connect Metro Manila and Clark.
Congratulations to CIAC on its anniversary and to its management for leading the airport to its excellent status, for the benefit and welfare of airline travelers, logistics and for the contribution to the country's economy.
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