Clark Freeport Zone earns record P1.35 billion in 2018

Clark Freeport Zone earns record P1.35 billion in 2018

Changes like these are more than welcome.
Like other Government Owned Controlled Corporations (GOCC’s) and income generating government agencies that have ended their year in record setting marks – the Clark Development Corporation (CDC) is no different.
The Clark Development Corp. (CDC) earned a record P1.35 billion last year (2018) on the back of higher revenues.

(photo credit to owner)

CDC said its net earnings grew 31 percent from the previous record of P1.03 billion in 2017, making up 22 percent of the total P6.18 billion net profit of the state-run firm since it was established in 1993.
CDC’s gross revenue also rose 22 percent to P2.46 billion last year from P2.01 billion in 2017.
CDC was created by Executive Order 80, CDC is responsible for making Clark Freeport Zone a premier investment and business center.
CDC is part of the Bases Conversion and Development Authority (BCDA) Group which is mandate by law to transform former US military bases into alternative productive civilian use.
Number of Clark Freeport locators are 1,038 last year, 89 of which are new registrants.
The increased of the locators last year resulted to the increased of exports from CDC wherein it reached $4.7 billion last year.
CDC also saw the number of jobs at the freeport rise to 122,973 last year from 107,000 in 2017.
“For the coming years, it is expected that the number of employment will continue to grow with the forthcoming developments at the New Clark City where an estimated 582,000 individuals will belong to its workforce in the long run,” CDC said

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Report from PhilStar

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