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CDC income breaches P1-B mark

Clark Development Corp. (CDC) has breached the billion-peso mark in net income as the freeport continued to contribute to local and national economies.
This, as CDC reached an unprecedented net income of P1.01 billion in 2017, a 32-percent increase from its 2016 net income of P738 million.
In a report to the CDC board of directors, CDC president Noel Manankil said the  reported net income for 2017 alone represented 27 percent of the P3.801 billion income generated for the first 23 years of CDC’s operations.
He said CDC also remitted cash dividends of more than P2.5 billion to the national treasury covering the period of 1993 to 2016.  
Manankil also said CDC posted a 20 percent growth in its gross revenues for 2017, earning P1.98 billion compared to P1.64 billion in 2016.
CDC only had a total revenue of P16.37 billion from 1993 to 2016. The CDC president also cited the growth on export value inside the freeport which surged to $6.87 billion last year.
This represents a 35 percent upturn from 2016 at $5.08 billion.
While citing the increase of the export volume, Manankil said there was also a growth in the number of locators inside the freeport.
He said there were 54 additional locators registered last year, bringing to 949 the total number of locator-firms in 2017.
This also resulted in additional employment where 107,000 workers were recorded as of December 2017.
During the heydays of American troops at the former Clark Air Base, the employment peaked to only about 20,000 workers in over 50-year stay at the military facility. 
The industrial and manufacturing industry employ the most number of workers at 48,476 employees. This was followed by ICT industry which has 23,439 number of workers or a 22.70 percent from the total number of workers at the freeport. 
Ed Velasco 

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