CLARK FREEPORT, Pampanga – The Clark Development Corporation (CDC) posted a PHP1.30-billion net income last year, a 55-percent increase compared to its figure in 2020.
In a report on Tuesday, CDC president and chief executive officer Manuel Gaerlan said notable financial milestones for the state-owned corporation were achieved amid the challenges of the global health crisis.
CDC’s financial stance remained afloat as it recorded a PHP5.96-billion cash position last year, a significant growth compared to the 2020 audited figure of PHP5.19 billion.
Aside from this, a 9-percent upturn was also seen in the firm’s total assets of PHP10.72 billion against the audited figure in 2020 at PHP9.84 billion.
From 2016 to 2021, the total generated net income of CDC reached PHP7.05 billion, which represented 70 percent of its overall net profit since its inception in 1993.
During the same period, PHP4.01 billion total cash dividends were also remitted by CDC to the National Treasury.
This six-year figure accounts for 66 percent of the total remittances made by the state-owned corporation in the past 28 years.
Gaerlan attributed these financial feats to the concerted and shared efforts of CDC officials, workers, as well as its stakeholders who continuously pour in support and trust to the state-run corporation.
“The outstanding financial and cash position of CDC by end of 2021 was a result of the combination of efforts of the entire CDC organization to include judicious fund management and cost-saving measures to reduce operational expenses,” Gaerlan said in a social media post. (PNA)
