CDC posts P1.30-B net income in 2021

By Marna Dagumboy Del Rosario 

CLARK FREEPORT, Pampanga – The Clark Development Corporation (CDC) posted a P1.30-billion net income last year, a 55% leap from its 2020 revenue performance.

CDC president and CEO Manuel Gaerlan said notable financial milestones for the state-owned corporation were achieved amid the challenges of the global Covid-19 pandemic crisis.

CDC’s financial stance has remained viably afloat as it recorded a P5.96-billion cash position last year, a significant growth compared to the 2020 audited figure of P5.19 billion, aside from which, a 9% upturn was also seen in the firm’s total assets of P10.72 billion against the audited P9.84-billion figure in 2020.

Records show that from 2016 to 2021, CDC’s total generated net income had reached P7.05 billion, which represented 70% percent of its overall net profit since its inception in 1993. 

During the same period, CDC had remitted P4.01 billion total cash dividends to the National Treasury. The six-year figure accounts for 66% of its total remittances in the past 28 years.

Gaerlan attributed these financial feats to the concerted and shared efforts of CDC officials, workers, and stakeholders who continuously poured in their support and trust to the state-run corporation.

In his social media post, Gaerlan declared: “The outstanding financial and cash position of CDC by end of 2021 was a result of the combination of efforts of the entire CDC organization to include judicious fund management and cost-saving measures to reduce operational expenses.” (PNA)