Clark Development Corp. (CDC), a government-owned and -controlled corporation, reported a $5.5-billion increase in investments in the first half.
“For the first half of the year, meaning as of June 30,2023, we already got an increase in $5.5 billion in investments,” Agnes VST Devanadera, President and CEO of CDC, told reporters on the sidelines of the 49th Philippine Business Conference and Expo (PBC&E) last week.
Devanadera told reporters that the companies that have expressed interest to expand their operations prior to the pandemic are now planning to do so in the Clark Freeport.
Meanwhile, Devanadera also said CDC’s revenues went up by 43 percent year-on-year in the first half.
According to an earlier story published by the BusinessMirror, CDC posted “significant” gains for revenues and net income in 2022, highlighting the firm’s post-pandemic recovery.
CDC Assistant Vice President for Finance Alizaido F. Paras said the unaudited financial statement as of December 31, 2022 showed a revenue of P3.56 billion for 2022, up by 35-percent from 2021 which stood at P2.63 billion.
It is by far the highest recorded increase in revenue, which usually averages 8 percent to 9 percent.
The data also showed a net income of P2.19 billion for CDC, which is 68 percent higher compared to the P1.30 billion recorded in 2021.
Paras said the gains can be attributed to CDC’s “prudent financial management” and locators’ confidence in its leadership to lead the Freeport through the turmoil of the pandemic. This has resulted in the generation of new investors, renewals of lease agreements, expansions, and even innovations in business models to cope with the changing times.
Devanadera also told reporters that CDC remitted P1.2 billion to the national government in May. Andrea E. San Juan
For 2024, she said the state-owned firm is targeting to remit P1.5 billion.
Devanadera said CDC remits “almost half of the net income,” adding that the other half should be reinvested in its infrastructure.
Based on the 2023 Citizen’s Charter of CDC, the state-owned firm is mandated to “operate, administer, manage and develop the Clark Freeport Zone and the Clark Special Economic Zone.”