NextGen Day

PAMPANGA’S CLARK FREEPORT – Last year, the Clark Development Corporation (CDC) earned PHP1.30 billion in net income, up 55 percent from the previous year.

In a report released on Tuesday, CDC President and Chief Executive Officer Manuel Gaerlan said the state-owned agency had achieved significant financial milestones despite the obstacles of the global health crisis.

The CDC’s financial condition remained stable last year, with a cash position of PHP5.96 billion, a significant increase from the audited amount of PHP5.19 billion in 2020.

Aside from that, the firm’s total assets increased by 9% to PHP10.72 billion, compared to PHP9.84 billion in the audited figure for 2020.

CDC’s total generated net income from 2016 to 2021 was PHP7.05 billion, accounting for 70% of the company’s cumulative net profit since its foundation in 1993.

CDC also paid the National Treasury PHP4.01 billion in total cash dividends over the same time period.

This six-year amount accounts for 66% of the state-owned corporation’s total remittances over the last 28 years.

Gaerlan credited the CDC’s financial achievements to the coordinated and collaborative efforts of its authorities, employees, and stakeholders, who continue to show their support and faith in the state-run company.

“The CDC’s great financial and cash position by the end of 2021 was a consequence of the combined efforts of the whole CDC organization, which included smart money management and cost-saving measures to cut operational expenses,” Gaerlan wrote on social media.

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