Clark Freeport—The Clark Development Corp (CDC) reported a net income of ₱2.79 billion in 2023, showing a 28 percent increase from ₱2.19 billion in 2022. The state-owned firm’s total assets reached ₱13.81 billion, marking a 12 percent growth from the previous year’s ₱12.31 billion.

The Commission on Audit verified these figures and recently issued an unmodified opinion on the CDC financial statements for the year. Agnes VST Devanadera, CDC president and chief executive officer, attributed the financial success to prudent fiscal management, increased revenue shares from tourist spending, and the confidence of locators in the collaboration between the management and board of directors.

In a statement, Devanadera emphasized CDC’s commitment to enhancing the ease of doing business in the free port to retain current investors and attract new branded businesses. As a testament to its exceptional performance, CDC remitted ₱1.8 billion in cash dividends to the Bureau of the Treasury on March 25, 2024, in line with Finance Secretary Ralph Recto’s call for a higher dividend rate and early remittance.

Fabio

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