CDC remits P700-M to national coffers

• Source:http://www.sunstar.com.ph/pampanga/local-news/2016/05/06/cdc-remits-p700-m-national-coffers-472058
• Saturday, May 7, 2016

(CDC CommDep)

CLARK FREEPORT — The Clark Development Corporation last week remitted a total of P700 million cash dividends to the national government, another record figure posted by the state-run firm.

Noel F. Manankil, CDC vice-president for Admin and Finance announced that CDC has remitted the amount to the Bureau of Treasury last April 28, 2016.

The cash dividend for 2016 is the highest single-year remittance so far by CDC. It surpassed the P400 million remittance covering year 2014 performance. From 2013 to 2015, the cash dividends remitted by CDC is P720 million, bringing the total amount to P1.42 billion in the last four years. From 1996-2012, the total remittances only amounted to P634 million.

The improved remittances are part of the strong gains of CDC in the last few years.

Financial performance of CDC recorded the highest in 2015 since the state-owned firm started managing the Freeport in 1993. For 2015 CDC posted the highest revenue of P1.55 billion recording a 12% increase from 2014.

Its cash position is also on the rise with P2.33 billion. It also recorded the highest net income of P697 million or 26 percent increase from 2014.

Cash dividends are required of Government Owned and Controlled Corporations like CDC. They are remitted to the national treasury to fund various projects and programs.