The Clark Development Corporation (CDC) continues to post strong growth this year in recovering from the pandemic as the government-owned and controlled corporation (GOCC) is surpassing its performance in the previous year. CDC president and chief executive officer Agnes VST Devanadera on Sunday said the Investment Promotion Agency (IPA) is expecting a robust performance this year in terms of investment pledges, revenues, and dividends to the national government. CDC is mandated to administer the Clark Freeport Zone. ‘For the first half of the year, meaning as of June 30, 2023, we already got an increase in USD5.5 billion in investments,’ she said, adding that companies have pursued their expansion plans after the Covid-19 pandemic. According to the CDC annual report for 2022, investment commitments in Clark Freeport Zone reached PHP2.3 billion. As of last year, there were 1,096 locators with 127,074 jobs created inside the freeport zone and exports of USD5.4 billion. Devanadera said CDC revenue is also expected to double this year as the GOCC’s revenue in the first six months of the year jumped 43 percent. Revenue in CDC reached PHP3.56 billion in 2022. The CDC executive added that the GOCC targets to remit bigger amount to the Bureau of the Treasury (BTr) next year. ‘The dividends that we remitted to the National Government is PHP1.2 billion. Now for 2024, we are targeting to remit PHP1.5 billion,’ Devanadera said. Remittance for the current year came from half of CDC’s net income in the previous year.
Source: Philippines News Agency
