CLARK FREEPORT— The Clark Development Corporation (CDC) posted significant gains for revenues and net income in 2022, by far the highest recorded increase in revenue that usually averages 8 to 9 percent annually.
According to CDC Assistant Vice President for Finance Alizaido F. Paras, the unaudited financial statement as of December 31, 2022 show a revenue of P3.56 billion for the year, up by 35 percent from 2021 which stood at P2.63 billion.
The data also shows a net income of P2.19 billioin for CDC, which is 68 percent higher compared to 2021 actual of P1.30 billion, further highlighting the state-owned firm’s post-pandemic recovery.
Paras said the gains can be attributed to CDC’s prudent financial management and locators’ confidence in its leadership to lead the Freeport through the turmoil of the pandemic. This has resulted in the generation of new investors, renewals of lease agreements, expansions, and even innovations in business models to cope with the changing times.
There has been an upswing in employment post-pandemic in the Clark Freeport Zone. After successive increases since 2020, it now hosts 127,074 employees spread out among 1,096 locators as of December 31, 2022.
While there were 21 less locators compared to 2021 due to varying factors (non-operational, renewal, pre-termination), the new locators with bigger committed investments and expansions by existing locators contributed to CDC’s increase in revenues and net income. Of the 21 locators who left, 2 ceased operations during the pandemic; 13 did not renew and 6 pre-terminated their contracts.
The financial developments were foreshadowed by no less than CDC President and CEO Atty. Agnes VST Devandera who, upon taking the stewardship of CDC declared, “we will look forward to the shiniest sunshine during my incumbency as president and CEO of Clark Development Corporation”.
Devanadera indicated that CDC will focus on improving the ease of doing business in the Freeport to retain the existing investors and attract more branded industries and investments.