SOURCE: Clark Development Corporation (CDC)
In an unprecedented move, the Clark Development Corporation (CDC) has remitted a colossal total of ₱1.80 billion in cash dividends to the national government. This record figure, an undeniable testament to the state-run firm's financial prowess, speaks volumes about the CDC's commitment to national development.
Chairman Atty. Edgardo Pamintuan and President and CEO Atty. Agnes VST Devanadera of CDC leadership have led the way in presenting the cheque for this remittance. The location? The Executive Tower of the Finance Building, situated along Roxas Boulevard in Malate.
The cash dividend for 2023 is a crowning achievement in its own right, being the highest single remittance to date from the CDC. It has outdone the previous year's remittance of ₱1.207 billion by a staggering 49%. The CDC’s dividend rate for 2023 stood at 56% of its net earnings and 65% of its net income for said year, as per the records of the Department of Finance (DOF).
The year 2023 marked a significant milestone in the CDC's journey since its inception in 1993. The financial performance of the CDC in 2023 reached its highest levels since it began managing the Freeport. This is a monumental achievement that underscores the CDC's unwavering commitment to progress.
Dividends from Government-Owned and Controlled Corporations are critical non-tax revenues that bolster the accelerated implementation of infrastructure and socioeconomic development programs by the national government. CDC's significant contribution to these dividends showcases its role as a key player in the national development landscape.
Finance Secretary Ralph Recto expressed his deep gratitude to the CDC leadership for personally delivering the cheque to the DOF. He lauded the state-run firm's consistent support for the national government, a sentiment echoed by many in the political and economic sectors.
Secretary Recto specifically mentioned President Ferdinand Marcos Jr.’s legacy projects in Clark Freeport. These include the Clark Multi-Specialty Medical Center and the National Museum for North and Central Luzon. The CDC's significant dividend remittance is set to bolster these and other important initiatives.
The turnover event was a significant occasion, attended by several key figures. Among them were DOF Privatization and Partnership Group (PPG) USec. Catherine Fong, DOF Corporate Affairs and Strategic Infrastructure Group (CASIG) Director Joanna Castillo, and Bureau of Treasury (BTr) National Treasurer Sharon Almanza.
Also present during the event were other senior officers who have been instrumental in the CDC's journey. Their collective efforts have contributed to the remarkable remittance, further solidifying the CDC's position as a pillar of the national economy.
The CDC's impressive remittance sets a high standard for the years to come. It fuels the expectation of sustained growth and continued commitment to national development. There's no doubt that the eyes of the nation will be on the CDC as it continues to make strides in the future.
The story of the CDC's ₱1.80 billion remittance is a tale of triumph, a narrative of unwavering commitment, and a testament to its pivotal role in the nation's growth. It is a reminder that when entities like the CDC succeed, it isn't just a win for them—it's a win for the entire country.
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