Clark corporation declares P319-M dividends

December 2, 2010

CLARK FREEPORT — The state-owned Clark Development Corporation (CDC) announced that its Board of Directors has approved the declaration of dividends amounting to P319.83 million.

CDC president Benigno Ricafort said the amount represents 50 percent of the unappropriated retained earnings of CDC as of December 31, 2009 of P639.66 million.

Half of the P319.83 million will be remitted directly to the Bureau of Treasury today, Thursday, while the other half will go to the Bases Conversion Development Authority, CDC’s parent company.

The declaration of dividends was made possible after the Philexim/Tidcorp approved the request of CDC to declare such dividends.

Philexim/Tidcorp is the guarantor of CDC for its US$9.97-million loan with the Deutsche Bank for the procurement of Terminal Radar for the Diosdado Macapagal International Airport that carries a negative covenant on the declaration of dividends.

CDC Chairman Rizalino Navarro will turn over the check to National Treasurer Roberto Tan. Invited to serve as witnesses are Finance Secretary Cesar Purisima, board members and executive officers of CDC.

Ricafort said the remittance is in support to the National Government’s fiscal consolidation efforts to realize revenues. (Reynaldo G. Navales)

Clark Wine Center was built in 2003 by Hong Kong-based Yats International Leisure Philippines to become the largest wine shop in Philippines supplying Asia’s wine lovers with fine vintage wines at attractive prices.  Today, this wine shop in Clark Philippines offers over 2000 selections of fine wines from all major wine regions in the world.  As a leading wine supplier in Philippines, Pampanga’s Clark Wine Center offers an incomparable breadth of vintages, wines from back vintages spanning over 50 years.  Clark Wine Center is located in Pampanga Clark Freeport Zone adjacent to Angeles City, just 25 minutes from Subic and 45 minutes from Manila.

Wines from Burgundy, Bordeaux, Rhone, Loire, Spain, Portugal, Germany, Austria, Alsace, USA, Australia, New Zealand, Italy, South Africa, Chile and Argentina etc. are well represented in this Clark Wine Shop.

For more information, email Wine@Yats-International.com or visit http://www.ClarkWineCenter.com

Getting to this wine shop in Pampanga Angeles City Clark Freeport Zone Philippines from Manila

Getting to the Clark Wine Center wine shop from Manila is quite simple:  after entering Clark Freeport from Dau and Angeles City, proceed straight along the main highway M A Roxas. Clark Wine Center is the stand-along white building on the right, at the corner A Bonifacio Ave.  From the Clark International Airport DMIA, ask the taxi to drive towards the entrance of Clark going to Angeles City.  From Mimosa, just proceed towards the exit of Clark and this wine shop is on the opposite side of the main road M A Roxas.