GOVERNMENT-RUN Clark International Airport Corp. (CIAC) reported P475 million in revenues from January to August, representing 92% of its target for the year.

“CIAC has shown financial stability even after the privatization of the Clark International Airport,” CIAC President and Chief Executive Officer Arrey Ancheta Perez said in a statement on Monday.

For 2023, the Governance Commission on Government-Owned and -Controlled Corporations (GCG) set a revenue target for CIAC of P514 million.

CIAC’s revenues come largely from the leases of government land at the 2,367-hectare Clark civil aviation complex.

The airport was privatized in August 2019 in a 25-year consortium agreement between the Bases Conversion and Development Authority and the private consortium Luzon International Premier Airport Development Corp.

“With CIAC’s financial standing so far, we’ll be able to exceed our targets and sustain our revenue contribution to the national government and, eventually, to our country’s economy,” Mr. Perez said.

Meanwhile, CIAC said that its accounting team was cited as one of the country’s “Outstanding Accounting Offices for 2022” by the Association of Government Accountants of the Philippines Inc.

It said the citation is based on the recommendation of evaluating teams from the Department of Budget and Management and the Commission on Audit.

“We are elated by this and we’re looking forward to sustaining the highest standards of accounting principles at the CIAC and in government service,” Mr. Perez said.

He added that CIAC’s accounting team was recognized for its financial management proficiencies and transparency as showed by the quality, timeliness, and accuracy of its 2022 financial reports. — Justine Irish D. Tabile