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August 20, 2022 - Saturday
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Davao City, Philippines

Clark International Airport remits P176-M to national treasury

July 02, 2022 - Saturday 12:07 PM by Glen Jacob Jose

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The government-run Clark International Airport Corp. reported that it had remitted a total of PHP176,739,971.00 this year as dividends to the Bureau of Treasury that contributed to the national government's funding requirements for COVID-19 responses.

"Despite the overwhelming challenges at the Clark aviation complex brought about by the pandemic, CIAC's operational flexibility and fiscal discipline has generated an upward annual profit margin from 16 percent to 27 percent and thereafter to 46 percent from 2019 to 2021, and thus, our capacity to remit dividends," CIAC President Aaron Aquino said.

From the total amount of dividends settled, Php156.74 million was remitted on May 5, 2022, and Php20 million last May 16, 2022, payments derived from revenues in managing the aviation complex.

Aquino added this year's remittance is 35 percent higher than the Php130.5 million contribution of the agency to the national treasury at the height of the COVID-19 outbreak in 2020.

"In the coming years, we hope to sustain and even increase CIAC's modest contribution to the national government funds by improving the business climate here at the Clark aviation complex, encourage more foreign investments, and promote post-pandemic economic recovery, as well," Aquino said.

CIAC dividends remitted comply with the Republic Act 7656, which directs all government-owned and controlled corporations (GOCC) to declare and send at least 50 percent of their net earnings to the National Treasury.
 
CIAC is the agency tasked with developing the Clark Civil Aviation Complex, home to the privately-run Clark International Airport, the mixed-use business district Clark Global City, and several locators in cargo and aviation-related businesses. (Glen Jacob Jose)

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