CDC wants P300M more for remittance
For the first half of 2023, CDC, one of the country’s investment promotion agencies, already generated $5.5 billion more in investments
Daily TribuneFor the first half of 2023, CDC, one of the country’s investment promotion agencies, already generated $5.5 billion more in investments
Clark Freeport Zone operator Clark Development Corp. said it is geared towards generating more dividends that will be remitted to the Bureau of Treasury in 2024 by P300 million more.
CDC estimates an outlay of P1.2 billion to the treasury this year.
In a media interview, CDC president and chief executive officer Agnes Devanadera said the agency, thus expects to remit P1.5 billion next year.
Further, she said for the first half of 2023, CDC, one of the country's investment promotion agencies, already generated $5.5 billion more in investments.
Expansion frenzy
Some companies pushed expansion efforts after the Covid-19 pandemic thus contributing to higher income of the economic zone.
Based on its annual report for 2022, investment commitments in Clark Freeport Zone reached P2.3 billion.
In 2022, the CDC logged 1,096 locators with 127,074 jobs created inside the freeport zone and exports of $5.4 billion.
Moreover, Devanadera noted that CDC revenue is also expected to double this year as the GOCC's revenue in the first six months of the year jumped 43 percent.
Revenues for CDC reached P3.56 billion in 2022.
