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Clark Development Corp. said over the weekend investments reached $5.5 billion in the first half of 2023 from varied industries including several electric vehicle and related projects.
“We have facilitated $5.5 billion in the first semester. Last year was really low, we were still in pandemic. Many companies are expanding and we are expecting more projects since we have the lowest power rate in all economic zones in the Philippines. That alone is a big come on,” Devanadera said in an interview at the sidelines of the recently concluded 49th Philippine Business Conference and Expo at the Manila Hotel.
Devanadera said revenues were also in the upswing, posting 43 percent in incremental output from the same period in 2022. CDC is looking at doubling revenues by end-December 2023. Meanwhile, remittances to national government amounted to P1.2 billion as of May 2023. CDC aims to increase its remittance to P1.5 billion in 2024.
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