CDC REMITS P1.8-B CASH DIVIDENDS TO NATIONAL TREASURY

BY KEVIN GALANG

THE Clark Development Corporation (CDC) has remitted a total of P1.80 billion in cash dividends to the national government, another record figure posted by the state-run firm.

Attorney Agnes VST Devanadera, CDC president and CEO, presented the cheque for the remittance to Finance Secretary Ralph Recto at the Executive Tower, Finance Building, Roxas Boulevard in Malate.

The cash dividend for 2023 is the highest single remittance to date from the CDC. It surpassed the remittance of P1.207 billion covering the dividend year 2022 by 49%. 

Based on DOF records, CDC’s dividend rate for 2023 was 56% of its net earnings and 65% of its net income for the said year.

The financial performance of the 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 socio-economic development programs by the national government.

Recto expressed his gratitude to the CDC leadership for personally delivering the cheque to the DOF, highlighting the state-run firm’s continuous support for the national government. 

The DOG secretary 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.