CLARK FREEPORT —The Clark Development Corporation (CDC) has remitted a total of ?1.80 billion in cash dividends to the national government.
The CDC said this is another record figure posted by the state-run firm.
CDC officials led by their Chairman Edgardo Pamintuan and President Agnes Devanadera presented the cheque for the remittance to Department of Finance (DOF) Secretary Ralph Recto at the Executive Tower, Finance Building, Roxas Boulevard in Malate here.
The cash dividend for 2023 is the highest single remittance to date from the CDC.
The firm said It surpassed the remittance of ?1.207 billion covering the dividend year 2022 by 49%.
CDC’s dividend rate for 2023 was 56% of its net earnings and 65% of its net income for the said year, per DOF records.
The financial performance of CDC recorded its highest levels in 2023 since it started managing the Freeport in 1993.
Government-Owned and Controlled Corporation dividends are vital non-tax revenues that support the accelerated implementation of infrastructure and socioeconomic development programs of the national government.
Recto expressed his gratitude to the CDC leadership for personally delivering the cheque to the DOF.
The move is seen to highlight the state-run firm's to the national government.
Recto cited President Ferdinand Marcos Jr.’s legacy projects in Clark Freeport, including the Clark Multi-Specialty Medical Center and the National Museum for North and Central Luzon.
Also present during the turnover event were DOF Privatization and Partnership Group (PPG) Undersecretary Catherine Fong, DOF Corporate Affairs and Strategic Infrastructure Group (CASIG) Director Joanna Castillo, Bureau of Treasury (BTr) National Treasurer Sharon Almanza and other senior officers.