THE Clark Development Corp. (CDC) said it expects to remit P1.5 billion to the National Government next year after booking 43% revenue growth in the first half of 2023.
“The dividends that we remitted to the National Government in May (totaled) P1.2 billion… for 2024, we are targeting to remit P1.5 billion,” CDC President and Chief Executive Officer Agnes VST Devanadera said on Thursday.
Under the Republic Act No. 7656 or the Dividends Law, government-owned and -controlled corporations (GOCCs) are required to remit at least 50% of their net earnings to the National Government.
She said that the revenue increase in the first half was unexpected.
“We did not target it to be that big, we did not expect that,” said Ms. Devanadera, adding that the CDC may double revenue from first-half levels by the end of the year.
She added that the CDC is seeing locators carrying out expansion projects that had been put off in recent years.
She said the challenges to making the Clark Freeport Zone more business-friendly are policy consistency and ease of doing business.
As such she welcomes proposals in Congress to amend the rules on tax incentives. — Justine Irish D. Tabile