CIAC marks 28 years debt-free

• Clark International Airport Corp recently celebrated its 28th anniversary debt-free

• It has remitted Php369 million as dividends to the national treasury,

• paid its bank loans from the Land Bank of the Philippines and Development Bank of the Philippines, as of Q4 of 2022

• CIAC officer-in-charge Darwin Cunanan said the firm generated a net income of P438.75 million last year

• Profit margin was at 58% in 2022 from 46% in 2021

The Clark International Airport Corp. (CIAC) recently celebrated its 28th anniversary debt-free.

All outstanding loans of the agency, including money borrowed from the Land Bank of the Philippines and Development Bank of the Philippines for various airport expansion infrastructure projects, are now fully paid as of the last quarter of 2022, Darwin Cunanan, CIAC officer-in-charge, said in a statement

The agency remitted P369 million as dividends to the Bureau of Treasury in several tranches from May to October 2022 covering the 2019 to 2021 obligations.

“CIAC ensures fiscal discipline and financial viability, and we also adhere to the highest standards of corporate governance so now we are a debt-free agency and at the same time able to remit dividends to the national treasury,” Cunanan said, before commending employees who have served the agency from 10 to 25 years during anniversary rites.

CIAC booked a net income of P438.75 million, with revenues from non-aeronautical and other sources growing 37% from the previous year. Profit margin was at 58% in 2022 from 46% in 2021, Cunanan said.

CIAC was incorporated in 1994 as a wholly-owned subsidiary of the Clark Development Corporation, pursuant to Executive Order (EO) No. 193, with the primary purpose of operating and managing the Clark Civil Aviation Complex.

After subsequent EOs in the past, which also provided that CIAC shall exercise jurisdiction over the 2,200-hectare aviation complex along with approximately 166.9 hectares within the Clark Industrial Estate 5, CIAC was later reverted as a subsidiary of Bases Conversion and Development Authority in 2017 and made subject to the policy supervision and operational control of the DOTr over the CRK under EO No. 14.

On November 7, 2022, the Department of Transportation (DOTr) instructed CIAC to exercise regulatory supervision and oversight of activities occurring within the Clark Civil Aviation Complex, including the Clark International Airport.

The newly-built Clark International Airport Passenger Terminal Building which was completed in 2022 has a capacity of 8 million passengers annually. With the full implementation of the CIAC Master Development Plan, Clark International Airport will accommodate an estimated 80 million passengers annually.