Corporation to remit P300M in dividends to mother firm
CLARK FREEPORT — The Clark Development Corporation (CDC) is set to remit more than P300 million worth of dividends to its mother company, the Bases Conversion and Development Authority (BCDA), state-owned officials said.
CDC chair and officer-in-charge Eduardo Oban Jr. said the state-run corporation is now capable of paying its 2009 to 2011 remittances to the BCDA after the CDC management decided to forego construction work of the proposed CDC Corporate building, which aims to consolidate all CDC offices and Moral and Welfare Recreational (MWR) facilities.
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“In fact, we have requested the BCDA to extend the deadline for our remittances since we are expecting more capital expenditures in the future. But since we will forego construction work of the proposed CDC corporate headquarters, we can now use the funds to pay our obligations to our mother company,” Oban said.
CDC Public Relations Department Manager Angelo C. Lopez Jr. said that in February 2012, the CDC has turned over dividends amounting to P100 million to the Bureau of Treasury (BTR) of the Department of Finance.
The remittance of dividends is in compliance with Republic Act 7656, which requires government-owned or controlled corporations to declare dividends under certain conditions to the National Government and for other purposes.
The law requires state-owned firms to declare and remit at least 50 percent of their annual net income to the national treasury. In January 27, 2012, the CDC Board approved the remittance of 50 percent of the expected P200-million profit made in 2011.
“One of the ways the CDC strives to help the administration of President Benigno Aquino III is by complying with its financial obligations to the government and by making substantial contributions to Philippine coffers,” Lopez said.
http://www.sunstar.com.ph/pampanga/local-news/2012/05/09/corporation-remit-p300m-dividends-mother-firm-220671
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