CIAC loses Clark due to massive losses

DOTC to take over

 December 28, 2011
Clark International Airport is tagged as the country's most inefficient aerodome losing almost 20 million dollars every year , according to latest report from the Commission on Audit. 
MANILA, Philippines - President Aquino has signed an executive order transferring supervision over the Clark International Airport Corp. (CIAC) from the Office of the President to the Department of Transportation and Communications (DOTC).

According to Executive Order 64, the transfer will enable the DOTC to "effectively oversee and monitor the development" of the Clark Civil Aviation Complex (CCA), which is "envisioned to be the Philippines' premier international airport."

The DOTC is the main agency in charge of developing a reliable transport network in the country.

Government auditors revealed in its 2010 report that the international airport based in Pampanga province has suffered a streak of losses from 2003.

Clark International Airport is operating on losses for eight years now at P831.9 million, prompting the Commission on Audit to alarm the airport’s officials in urging the Securities and Exchange Commission (SEC) for a P2.5-billion increase in its capital stock. 

Meanwhile, the EO also ordered the Bases Conversion and Development Authority to transfer and convey immediately to the national government all the shares of stock of CIAC.

The move will allow the national government "to own and hold all such shares of stock as the registered stockholder of record and deliver all the shares in its name to the Secretary of Transportation and Communications on behalf of the Republic of the Philippines.