CLARK FREEPORT -- The Clark Development Corporation (CDC) has recorded P1.21-billion in revenue and net income of P327 million during the first quarter.

This was disclosed by CDC president Arthur Tugade during a business conference organized by the Kapampangan Development Foundation chaired by Manny V. Pangilinan.

The cash position of CDC, Tugade said, is now pegged at P2 billion based on a report prepared by the finance group of the state-owned firm.

According to Tugade, the casino at the Oxford Hotel settled its arrears of P200 million and this improved the CDC's cash position.

With the generated income, CDC was also able to remit P220 million to the national treasury following its improved financial disposition.

Last year, CDC's net profit reached P327 million with P1.2 billion in gross revenues.

Tugade also informed the MVP group that CDC has a total of 737 locators as of July 2014, employing a total number of 72,945 workers.

Investment inside the Freeport is pegged at $4.48 billion, Tugade said.

With the improved business climate in Clark, CDC is targeting 100,000 employment opportunities in 2016, the official added.

He also disclosed that CDC was able to recover 28.34 hectares from the non-performing locators while 236.55 hectares were revived from the non-performing investors.

Of the revived property, Tugade said that 10 locators will continue their investments worth $177.77 million. With these investments, CDC is expecting additional 5,000 employment opportunities.

Source: http://www.sunstar.com.ph/pampanga/local-news/2014/07/15/cdc-hits-121b-revenue-target-353964