MANILA, Philippines — The state-owned Clark Development Corporation (CDC) is set to turn 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 corporation to declare dividends under certain conditions to the national government and for other purposes.

CDC President Felipe Antonio B. Remollo said that the law requires state-owned firms to declare and remit at least 50 percent of their annual net income to the national treasury.

The CDC board approved on January 27, 2012 the remittance of 50 percent of the expected P200-million profit made in 2011.

CDC is expecting a minimum net income of P200 million in 2011. It earned P176 million and P121 million for 2010 and 2009, respectively.

Remollo also said that should CDC earn of more than the expected net income, the government corporation will continue to remit the additional dividends as they come. (BCM)