The Clark Development Corp. (CDC) has remitted to the national government cash dividends of P1.8 billion in 2023, a record.
The figure is 49 percent higher than the P1.207 billion remitted in 2022, CDC said in a statement.
CDC’s dividend rate for 2023 was 56 percent of its net earnings and 65 percent of its net income for the said year, the agency said citing records from the Department of Finance (DOF).
Agnes Devanadera, CDC president and chief executive officer, recently presented the check for the remittance to DOF Secretary Ralph Recto in Manila.
The financial performance of CDC recorded its highest levels in 2023 since it started managing the Freeport in 1993.
Government-owned and controlled corporation dividends are vital non-tax revenues that support the accelerated implementation of infrastructure and socioeconomic development programs by the national government.