Clark to remit P100M in dividends to Treasury

State-owned Clark Development Corp. is set to remit P100 million in dividends to the national treasury, as it expects to earn P200 million from last year’s operations.

In a statement issued on Friday, CDC president Felipe Antonio B. Remollo explained that this was in compliance with the law, which requires government-owned or -controlled corporations to declare and remit at least 50 percent of their annual net income to the national treasury. The CDC board approved the planned remittance on Jan. 27.

Should CDC earn more than the expected P200 million profit, the corporation is prepared to remit additional dividends, Remollo added.

CDC’s expected net income last year was about 13.6 percent higher than the P176 million it posted in 2010. In 2009, CDC chalked up profits of P121 million.

Under Remollo’s leadership, CDC has begun to aggressively revitalize its freeport and economic zones in a bid to further attract local and foreign investors and boost investments.

Remollo said in an earlier interview that, as it is, several companies have already firmed up their commitments to make Clark their regional hub, while other prospective investors have already offered unsolicited proposals.