Home Headlines CIAC remits Php176-M to national treasury

CIAC remits Php176-M to national treasury

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CLARK FREEPORT ZONE (CIAC-CCO, June 28, 2022) — The government-run Clark International Airport Corp. reported on Tuesday that it has 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 that direct all government-owned and controlled corporations (GOCC) to declare and remit at least 50 percent of their net earnings to the National Treasury.

CIAC is the agency tasked to develop the Clark Civil Aviation Complex, home to the privately-run Clark International Airport, as well as the mixed-use business district Clark Global City, and several locators in cargo and aviation-related businesses.

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