Clark targets 58% profit growth in 5 years

MANILA, Philippines — Clark Development Corp. (CDC) is aiming for a 58 percent growth in net income over the next five years, as it expects investments by firms operating within the Clark Freeport Zone to continue to rise.

“With the continuous upturn of investments here, CDC is projected to have a 58-percent growth of its net income in the next five years (2020 to 2024),” the state-run firm said in a statement.

CDC president and chief executive officer Noel Manankil said the firm’s net income and revenue have reached record-breaking levels for the period 2016 to 2018.

In particular, CDC’s net income for the three-year period reached P3.17 billion or 51 percent of the entire net profit since its inception in 1993.

CDC’s revenue, meanwhile, reached P6.08 billion over the three-year period or 29 percent of the total revenue in the state-run firm’s 25-year existence.

CDC attributed the net income and revenue performance over the three-year period to continued confidence of locators in Clark.

Top revenue contributors in Clark include Widus International Leisure Inc., Filinvest Mimosa Inc., Eight Integrated Development Corp., Eaglesky Technology and Amusement Corp., Yokohama Tire Phils. Inc., L&T International Inc., Premier Central Inc. and Puregold Duty Free Inc.

CDC which was created by Executive Order 80, is tasked to make Clark Freeport Zone a premier investment and business center.

The firm forms part of the Bases Conversion and Development Authority, which transforms former military bases and properties into a premier center of economic growth by partnering with the private sector.

Clark Freeport Zone serves as the home of 1,167 businesses involved in various sectors such as manufacturing, information communication technology, logistics, tourism, services, agro-industrial, and aviation.

As of the third quarter of last year, firms with operations at the Clark Freeport Zone have 135,502 workers.