CLARK International Airport Corp. (CIAC) said it remitted P176.74 million representing 2022 dividends due to the National Government to the Bureau of the Treasury.
CIAC, a government-owned and -controlled corporation (GOCC), said P156.74 million was remitted on May 5 while P20 million was remitted on May 16.
CIAC generates revenue from managing the Clark Aviation Complex.
“Despite the overwhelming challenges at the Clark Aviation Complex brought about by the pandemic, CIAC’s operational flexibility and fiscal discipline has generated… profit margins (of) 16% to 27% and thereafter to 46% from 2019 to 2021,” CIAC President Aaron N. Aquino said in a statement on Tuesday.
According to Mr. Aquino, 2022 remittances are up 35%, with aviation activity rebounding from the pandemic, which stifled the travel market starting 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 investment, and (support the) post-pandemic economic recovery,” Mr. Aquino said.
GOCCs are required by Republic Act 7656 to remit at least 50% of their net earnings to the National Treasury. — Revin Mikhael D. Ochave