Clark Airport Company Returns P177M in Treasury Dividends
The state-run Clark International Airport Corp. said on Tuesday it had paid a total of P176,739,971 this year in dividends to the Treasury Office, contributing to the national government’s funding needs for response to COVID-19.
“Despite the overwhelming challenges of the Clark Aerospace Complex brought on by the pandemic, CIAC’s operational flexibility and budgetary discipline have generated an increasing annual profit margin of 16% to 27%, then to 46% from 2019 to 2021, and therefore, our ability to pay dividends,” said CIAC President Aaron Aquino.
Of the total amount of dividends paid, 156.74 million pesos were paid on May 5 and 20 million pesos on May 16, payments from income from the management of the aeronautical complex.
Aquino added that this year’s payout is 35% higher than the agency’s 130.5 million peso contribution to the national treasury at the peak of the COVID-19 outbreak in 2020.
“In the years to come, we hope to maintain and even increase CIAC’s modest contribution to national government funds by improving the business climate here at the Clark Aerospace Complex, encouraging more foreign investment and also promoting economic recovery. post-pandemic,” says Aquino.
Remitted CIAC dividends comply with Republic Act 7656 which directs all state-owned and controlled corporations to report and remit at least 50% of their net profits to the National Treasury.
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