Clark Development Corp. Remits All-Time High PHP1.8-B Cash Dividends To National Treasury

The Clark Development Corporation (CDC) has remitted an all-time high PHP1.8 billion in cash dividends to the national government, according to CDC President and CEO Atty. Agnes Devanadera.

CDC executives and officials led by President and CEO Atty. Agnes VST Devanadera (8th from right) with Finance Secretary Ralph Recto (center) during the ceremonial turnover of the cheque for the P1.80 billion dividends. I Photo: Clark Development Corporation Facebook

The CDC leadership, led by Chairman Atty. Edgardo Pamintuan and Atty. Devanadera, presented the cheque for the remittance to Department of Finance Secretary Ralph Recto.

Atty. Devanadera stressed that this cash dividend for 2023 is the highest single remittance to date from the CDC, highlighting that it surpassed by 49% the remittance of PHP1.207 billion covering the dividend year 2022.

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

Devanadera noted that the financial performance of CDC reached its highest level in 2023 since it started managing the Freeport in 1993.

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

Dividends from Government-owned and Controlled Corporations (GOCCs) are non-tax revenues that support the implementation of the national government’s infrastructure and socioeconomic development programs.

The Finance chief also cited President Ferdinand R. Marcos Jr.’s legacy projects in Clark Freeport, including the Clark Multi-Specialty Medical Center and the National Museum for North and Central Luzon.

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