CDC records P2.79B net income in 2023

CLARK FREEPORT — The Clark Development Corporation (CDC) reported a net income of ?2.79 billion in 2023.

The figure translates to a 28 percent increase from the firm's ?2.19 billion income in 2022.

CDC's total assets stood at ?13.81 billion, posting a 12 percent growth from the 2022 figure of ?12.31 billion.

The Commission on Audit (COA) substantiated the figures and recently issued an unmodified opinion on CDC's financial statements for the said year.

CDC President Agnes Devanadera credited the financial gains to prudent fiscal management, incremental revenue shares arising from tourists’ spending, and locators’ confidence in teamwork between the management and the Board of Directors.

Devanadera also emphasized that CDC will improve the ease of doing business in the Freeport to retain existing investors and attract more branded businesses.

The CDC remitted ?1.80 billion in cash dividends to the Bureau of the Treasury on March 25, 2024.

This is in support of Finance Secretary Ralph Recto’s request for a higher dividend rate and early remittance.


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