GOVERNMENT-RUN aviation firm Clark International Airport Corp. (CIAC) has remitted P203 million in dividends to the Bureau of the Treasury, up 12 percent from P180.4 million a year-earlier.

"Our remittance dwindled to P95 million in 2020 after the airport was privatized, but this year's amount of P203 million remitted to the national treasury, so far, is the CIAC's biggest dividends share," CIAC President Arrey Perez said.

Perez attributed the revenue increase to fiscal discipline that made the corporation debt-free and financially robust. He also said that the entry of new investments and effective lease collection from the locators at the Clark civil aviation complex are among the factors that made the agency attain a strong financial standing.

He also said that CIAC has consistently adhered to Republic Act 7656 or the Dividend Law, by declaring and remitting the required cash dividends to the national government.

On May 6, 2024, President Ferdinand Marcos Jr. honored government-owned and controlled corporations for their invaluable contributions "not only to the nation's coffers, but also to the continued progress of the Philippines as envisioned under a 'Bagong Pilipinas.'"

Moreover, the CIAC chief said that the implementation of their new Seven Flagship Projects helped increase the corporation's remittances.

"These game-changing projects are intended to improve the business climate in Clark, attract more foreign investments that in turn will redound to an increase in CIAC's contributions to the national government to fund its development projects," Perez said.

These projects include the Clark National Food Terminal, CRK Direct Access Link, Clark Entertainment and Events Center, Urban Renewal and Heritage Conservation Program, Expansion and Upgrading of Utilities, Detailed Site Development Plan for the Second Runway for the Clark International Airport, and the new CIAC headquarters.

Through these projects, Perez said Clark will be transformed as "the premier global civil aviation logistics hub of the Philippines."

Currently, the Clark International Airport is operated by the Luzon International Premier Airport Development Corp. or Lipad, a consortium that signed a 25-year operations and management concession agreement with the Bases Conversion and Development Authority in 2019.