Bilyonaryo - Business

Clark gloats over BBM’s veto of Bulacan ecozone bill

July 4, 2022

Bilyonaryo.com

By Eileen Mencias

Clark Development Corp. (CDC) celebrated President Ferdinand Marcos Jr.’s decision to veto a bill proposing the creation of a special economic zone and freeport in San Miguel Corp.’s New Manila International Airport project in Bulacan.

In a statement, CDC president and CEO Manuel Gaerlan said President Marcos’ veto ‘puts emphasis’ on the Clark Special Economic Zone’s significant role as the center of economic development in Central Luzon and the rest of the country.

“God bless this administration for not succumbing to pressures from the proponents of the Bulacan City Special Economic and Freeport,” Gaerlan said.

The CDC said it has remitted P6.06 billion to national government coffers since it was created in 1993.

In 2021, CDC remitted P661.27 million in cash dividends to the national government, according to the Commission on Audit’s report.

SMC, on the other hand, paid the government P2.02 billion in income tax last year, based on its annual report filed with securities regulators. It will shoulder the cost of the construction of the Bulacan Airport City.

The CDC manages both the Clark Special Economic Zone and Freeport Zone, around 70 kilometers away from SMC’s Bulacan Airport City.

Related News Tags: Clark Development Corp., New Manila International Airport, President Ferdinand Marcos Jr., San Miguel Corp

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