Ironic indeed how his performance could only be rated by his peers at Number 6 among the CDC Board.
Resplendent in his crisp barong, a beaming Tugade is congratulated by President BS Aquino III after handing over P400-M in cash dividends to the national government on the occasion of GOCC Day in Malacañang.
This marked an eightfold increase in dividends over the P50 million CDC remitted in June 2013.
The remittance of dividends is in compliance with Republic Act 7656 (or the Dividend Law), which requires GOCCs to declare and remit at least 50 percent of their annual net income to the National Treasury. It is remitted to national coffers to fund various projects and programs of the government.
Gloats the CDC in a May 2015 praise release, this year’s cash crop is “the highest single-year remittance so far by CDC, bringing to P1.345 billion the total remitted dividends since 2006.”
That’s Tugade, in one year, singlehandedly contributing nearly a third of all remittances in the last nine years. Awesome!
Breast-thumping further: “CDC has continued to improve on its financial standing. Its cash position has been recorded at an alltime high at P2.277 billion at the end of 2014. Its unaudited net income is P554 million, also the highest in the 22-year existence of the state-run corporation.”
Worth instant replay: “In the CDC reports, the cash position of the state-owned firm has been recorded to P2.277 billion at the end of 2014 posting gross revenues of P1.389 billion for the same period. These indicate a 15 percent increase from 2013 report of P1.213 billion. The report also showed that CDC’s net income for 2014 is P554 million which is 67 percent higher compared to P332 million of 2013.”
One good boast deserves another:
“CDC has recorded $277 million committed investments in some 301 projects of locators… [according to the CDC’s Annual Report Management of 2014]… higher by 123 percent compared to the 2013 committed investment of $124.95 million.”
And another: “The number of employees inside the Freeport is now recorded at 75,538 at present.”
Impressive numbers, as progressive has been the rise of CDC to the loftiest financial firmament since Tugade took over.
Noted yet another CDC praise release in January 2014: “The financial position of the state-owned firm here gained further as revenues of P1.21 billion and net income of P327 million were both record high in 2013.”
Furthered the PR: “In reports from the Business Development Group (BDG) headed by Mariza O. Mandocdoc, CDC’s net profit last year rose by P140 million to P327 million on the back of some P1.2 billion in gross revenues compared to P1.1 billion. Both gross and net income figures were the highest recorded by the government-owned firm since its inception in April 1993.”
Already the highest, still steadily rising, year after year. Income and investments at the Clark Freeport. Only with Tugade. Only by Tugade.
No meaning to rain on the CDC parade of Tugade’s triumph. Can’t help though but notice some minute discrepancy in the figures regularly press released.
The May 2015 PR, said “the net income for 2014 is P554 million which is 67 percent higher compared to P332 million of 2013.”
In the January 2014 PR, written was “…net income of P327 million were both record high in 2013.”
CDC should explain the P5 million difference.
If only for Tugade’s much vaunted policies of transparency and accountability.
Indeed, as Tugade has been credited for all the highs at the Freeport, so should he answer for all the lows too. No matter how seemingly petty as P5 million.
As yet another CDC PR glorified: “Since Tugade’s assumption in December 2012, he immediately instituted reforms in support of President Aquino’s “Matuwid na Daan” (Straight Path) program. These policies include the implementation of integrity and transparency in the workplace. This policy resulted to the imposition of “no accepting of gifts policy” from locators and investors that may cast aspersion to the CDC officials and employees.”
Of puzzlement to me though – wordy as I am but unworthy with numbers – is the P400 million CDC remitted to the national government.
According to law, as the CDC PR itself stated, GOCCs are required to declare and remit at least 50 percent of their annual net earnings as cash, stock or property dividends to the national government.
Following that rule, the P400 million thus comprised 50 percent of the net income of CDC for 2014 which, by simple arithmetic, should have totalled to P800 million.
CDC reported however its “unaudited net income is P554 million” for that year, which would have warranted a 50 percent of P277 million for remittance.
Between P800 million and P554 million is a deficit – or a miraculous surplus – of P246 million.
Aye, believe, the god of numbers lords it over at the CDC.
Alas, I am but a mere mortal uncomprehending of numerical vagaries.
