CLARK Development Corp. (CDC) said it remitted a record of P1.8 billion in dividends to the National Treasury for 2023.
In a statement, the CDC said that the 2023 figure surpassed the P1.21 billion it remitted in 2022 by 49%.
The CDC started managing the Clark Freeport in 1993.
“It surpassed the remittance of P1.207 billion covering the dividend year 2022 by 49%. CDC’s dividend rate for 2023 was 56% of its net earnings and 65% of its net income for the said year, per Department of Finance records,” the state-run firm said.
Under Republic Act 7656 or the Dividends Law of 1994, government-owned and -controlled corporations (GOCCs) are required to remit at least 50% of their net earnings to the National Government.
“GOCC dividends are vital non-tax revenues that support the accelerated implementation of infrastructure and socioeconomic development programs by the National Government,” the CDC said. — Justine Irish D. Tabile
