CDC net income up to P1B

CLARK FREEPORT – Clark Development Corporation (CDC) posted more than one billion in net income last year.
The state-run CDC reached an unprecedented net income of P 1.01 Billion in 2017, a 32 percent increase from its P738 million net income in 2016.

In a report to the CDC Board of Directors, President Noel F. Manankil, said the reported net income for 2017 alone represented 27 percent of the P3.801 billion income generated for the first 23 years of CDC’s operations.

He added CDC also remitted cash dividends of more than P2.5 billion to the National Treasury covering the period of 1993 to 2016.

Manankil also said CDC posted a 20 percent growth in its gross revenues for 2017, earning P1.98 Billion compared to P1.64 Billion in 2016. CDC only had a total revenue of P16.37 Billion from 1993 to 2016.

The CDC president also cited the growth on export value inside the Freeport which surged to $6.87 billion last year. This represents a 35% upturn from 2016 at $5.08 Billion.

While citing the increase of the export volume, Manankil also said there were 54 additional locators bringing to 949 the total number of locator-firms in 2017.

The new locators have also generated 107,000 workers as of December 2017. Under the US government, the former Clark Air Base, had employed around 20,000 Filipino workers.

The industrial and manufacturing industry employ the most number of workers at 48,476 employees. This was followed by ICT industry which has 23,439 number of workers or a 22.70 percent from the total number of workers here.