DOTC to take over
December 28, 2011
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.
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.
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.
it would then be much better, since it has not been performing so well, maybe in this time it would work well and earned the loss profit. good strategy of the DOTC by Mr. President.
ReplyDelete