CIAC pays off loans, sends money to Treasury

CLARK FREEPORT ZONE, Philippines — State-run Clark International Airport Corp. recently celebrated its 28th anniversary and declared it has remitted dividends to the national treasury and paid off all its bank loans.

Darwin Cunanan, CIAC officer-in-charge, said 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, have been fully paid as of the last quarter of 2022.

“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 CIAC employees with service period ranging from 10 to 25 years during simple anniversary rites held at the agency’s building in Clark.

The CIAC chief added the agency was able to remit around P369 million as dividends to the Bureau of Treasury in several tranches from May to October 2022 covering the 2019 to 2021 obligations.

“CIAC’s thrust now is to strengthen our commercial, engineering and corporate management teams in developing a globally-competitive service and logistics center at the aviation complex surrounding the airport and contribute to the national economy,” Cunanan said.

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

On November 7, 2022, the Department of Transportation 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 can accomodate 8 million passengers annually. With the full implementation of the CIAC Master Development Plan, Clark International Airport will accommodate an estimated 80 million passengers each year.