CDC Contributes PHP 1.8 Billion to National Development Efforts
In a significant financial boost to the Philippines’ development agenda, the Clark Development Corporation (CDC) has remitted PHP 1.8 billion in cash dividends to the Bureau of the Treasury (BTr) for the year 2023. This substantial contribution, made on March 25, 2024, marks a 49% increase from the previous year’s PHP 1.21 billion, showcasing CDC’s robust financial performance and commitment to national growth.
The 2023 dividend rate stood at 56% of CDC’s net earnings, translating to 65% of its net income, surpassing the statutory requirement set by Republic Act No. 7656, also known as the Dividends Law of 1994. This law mandates that all Government-Owned and Controlled Corporations (GOCCs) declare and remit at least 50% of their annual net earnings to support the government’s fiscal initiatives.
Finance Secretary Ralph G. Recto was present to receive the cheque from CDC President and CEO Agnes Devanadera. The turnover ceremony was also attended by key BTr officials, including National Treasurer Sharon P. Almanza and Deputy Treasurer Erwin Sta. Ana, alongside the CDC Board of Directors and senior officers.
The dividends from GOCCs like CDC are pivotal as a major source of non-tax revenue, enabling the national government to expedite the implementation of various infrastructure projects and socioeconomic development programs. This financial strategy plays a crucial role in the government’s efforts to enhance public services and foster economic resilience.
As the Philippines continues to navigate its development trajectory, contributions such as CDC’s are invaluable in ensuring the successful realization of the nation’s developmental goals and aspirations.