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CDC posts P1.30-B net income for 2021

CLARK FREEPORT – Notable financial milestones were achieved by the Clark Development Corporation amidst the challenges of the global health crisis, posting a P 1.30-billion net income – a 55 percent increase compared to 2020’s figure at P0.84 billion.

A report presented by CDC Assistant Vice President for Finance Alizaido Paras to CDC President and CEO Manuel R. Gaerlan showed that the state-owned firm recorded a P5.96-billion cash position for 2021, a significant growth compared to the 2020 audited figure of P5.19 billion.

Aside from this, a 9-percent upturn was also seen in the firm’s total assets of P10.72 billion against the audited figure in 2020 at P9.84 billion.

From 2016 to 2021, the total generated net income of CDC is P 7.05 billion which represents 70 percent of the corporation’s overall net profit since its inception in 1993.  In the last six years (2016 to 2021), P4.01 billion total cash dividends were also remitted by CDC to the National Treasury. This figure accounts for 66 percent of the total remittances made by the state-owned corporation in the past 28 years, proving CDC’s continuous and active contribution to the country’s coffers.

Aside from its financial accomplishments, CDC also continuously provided support and aid to the various COVID-19 initiatives of the national government.

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

“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,” Gaerlan said.