CDC chief cites accountants' role in business, economic growth

CLARK Development Corp. (CDC) President and Chief Executive Officer Agnes Devanadera emphasized the critical role of accountants in driving business growth, urging them to uphold ethical standards that contribute to sustainable economic development.

In her keynote address at the Joint 2nd Luzon Geographical Area Office Conference of the Association of Certified Public Accountants in Public Practice and the Philippine Institute of Certified Public Accountants, held at Hilltop Mimosa on October 11, Devanadera highlighted the importance of integrity within the profession.

She noted that the financial health of businesses and economies hinges on sound and ethical accounting practices.

Clark Development Corp. President and Chief Executive Officer Agnes Devanadera (3rd from right) receives a token of appreciation from the officials of Philippine Institute of Certified Public Accountants and Association of Certified Public Accountants in Public Practice during the Joint Second Luzon Geographical Area Office Conference. CONTRIBUTED PHOTO

Since Devanadera assumed office in 2022, the CDC has seen a rise in cash dividends that were remitted to the national government. Remittances increased from P700 million in 2021 to P1.2 billion in 2022, reaching P1.8 billion in 2023.

This trend indicates ongoing development within the Clark Freeport Zone.

She also discussed the economic impact of the freeport, which hosts 1,155 locators and employs approximately 140,000 workers. She projected that CDC's revenue for 2024 will reach P5.2 billion.

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Devanadera urged accounting professionals to explore opportunities within the freeport, noting the growing demand for their services in the region's expanding business landscape.

Despite the rise of automation, Devanadera stressed that the expertise of accountants remains critical for ensuring transparency, accountability and fiscal responsibility.