CLARK FREEPORT ZONE (CIAC-CCO, 09 October 2023)⸺The government-run Clark International Airport Corp. has shown financial stability even after the privatization of the Clark International Airport, CIAC President and CEO Arrey Perez on Monday said.

The airport was privatized in August 2019 under the Duterte administration in a 25-year consortium agreement between the Bases Conversion and Development Authority (BCDA) and the private consortium Luzon International Premier Airport Development Corp. (LIPAD).

“As of August this year, CIAC has earned more than Php475 million or about 92 percent of the 2023 annual revenue target of Php514 million set by the national government,” Perez added.

The CIAC’s revenues come largely from the leases of government land at the 2,367-hectare Clark civil aviation complex.

The CIAC’s revenue target of Php514 million this year is set by the Governance Commission on Government Owned and Controlled Corporations (GCG).

“With the CIAC’s financial standing so far, we’ll be able to exceed our targets and sustain our revenue contribution to the national government and, eventually, to our country’s economy,” Perez said.

Meanwhile, the CIAC’s accounting team was cited for being one of the country’s “Outstanding Accounting Offices for 2022” by the Association of Government Accountants of the Philippines Inc. (AGAP), based on the recommendation of evaluating teams from the Department of Budget and Management and the Commission on Audit.

In giving the award, the AGAP cited the CIAC’s “quality, timeliness, and accuracy of (its) CY 2022 financial reports, as well as (its) financial performance for the same year.”

“We’re elated by this and we’re looking forward to sustaining the highest standards of accounting principles at the CIAC and in government service,” he added.

The CIAC chief said its accounting team, led by chief finance officer Nancy Paglinawan, was recognized for its financial management proficiencies and commitment to uphold transparency and good governance.

Perez is himself a certified public accountant and holds a post-graduate diploma in Urban Planning, a Master’s degree in Public Administration, and an executive training certificate on public-private partnerships at the Harvard Kennedy School.

The AGAP is a nationwide organization of government financial management practitioners founded in 1950 whose aim is to promote and maintain high professional and ethical standards among government and private accountants.

The recognition was also based on the recommendation of evaluating teams from the Department of Budget and Management and the Commission on Audit noting that CIAC’s financial statements were presented “fairly, in all materials respects, the financial position of CIAC as of December 31, 2022 and its comprehensive income, changes in equity, cash flows and notes to financial statements for the year then ended in accordance with the Philippine Financial Reporting Standards.”

The awarding ceremonies will be held on October 18 during the AGAP’s convention in Bacolod City.

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