Sunday, April 21, 2024

CDC Remits PHP1.80 Billion Cash Dividends To National Treasury

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CDC Remits PHP1.80 Billion Cash Dividends To National Treasury

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The Clark Development Corporation (CDC) said it has remitted an all-time high PHP1.80 billion in cash dividends to the national government.

In a statement on Monday, the CDC said the cash dividend last year was 49 percent higher than the PHP1.207 billion remittance in 2022.

Department of Finance (DOF) records showed that CDC’s dividend rate for 2023 was 56 percent of its net earnings and 65 percent of its net income for the year.

CDC president and chief executive officer Agnes Devanadera presented the check for the remittance to DOF Secretary Ralph Recto at the Executive Tower, Finance Building, Roxas Boulevard in Malate.

Government-owned and controlled corporation dividends are non-tax revenues that support the implementation of infrastructure and socioeconomic development programs by the national government.

Recto expressed his gratitude to the CDC leadership for personally delivering the check to the DOF, highlighting the state-run firm’s continuous support for the national government.

He also cited President Ferdinand R. Marcos Jr.’s legacy projects in Clark Freeport, including the Clark Multi-Specialty Medical Center and the National Museum for North and Central Luzon. (PNA)