Clark income breaches P1 billion mark in 10 months

MANILA, Philippines — Clark Development Corp. (CDC) earned P1.19 billion in the 10 months to October last year, surging past the full-year income in 2017.

In a statement, Alizaido Paras, assistant vice president for finance at CDC, said the 10-month net profit was higher than the then record P1 billion income in 2017.

CDC said it benefitted from its move to attract more investments to the freeport.

The state-owned firm ended last year with a total of 1,038 locator companies, bringing in an additional 89 locators at the freeport.

With the increase in locator firms, the freeport also saw higher employment.

In particular, the freeport had 122,973 employees, up 12 percent from 108,000 workers in 2017.

“The major areas of concentration of these workers are in manufacturing and information communication technology – enabled industries,” CDC said.

Created in 1993 by Executive Order 80, CDC is responsible for making Clark Freeport Zone a premier investment and business center.

By 2020, CDC’s aim is to transform the Clark Freeport Zone into a modern industrial estate and premier service and logistics hub, with facilities for training, conferences, tourism and leisure in the country.

CDC is part of the Bases Conversion and Development Authority Group which is mandated to transform former US military bases into alternative productive civilian use.