CDC Corporate Officers

New developments from Clark Philippines that may be pertinent to businesses and investments in Pampanga Clark Freeport Zone are posted on ClarkPhilippines web site. Clark Philippines is a fast growth economic and business city comparable to Manila Philippines. This web site provides timely information to help businesses stay abreast of changes in business, legal and financial rules and regulations.

To : ALL CONCERNED

Subject : CDC Corporate Officers

Date : August 06, 2010

In light of Executive Order No. 2 issued by His Excellency President Benigno S. Aquino III concerning appointments of heads and executives of government departments, agencies, offices, and instrumentalities including government-owned and controlled corporations (GOCCs) like the Clark Development Corporation (CDC), we wish to convey the following:

• Members of the Board and Corporate Officers are nominated and confirmed by BCDA (every 2nd Tuesday of April) for 1 year or until such time their replacements are nominated and confirmed, whichever comes first. This is pursuant to the Corporation Law and CDC by laws;
• Pending any action from the Office of the President of the Republic of the Philippines, it is incumbent upon the existing set of CDC executives to continue functioning and attending to the daily affairs of the Clark Freeport Zone in accordance with laws, rules and regulations which has always been observed since the creation of CDC for the last 17 years; and,
• Finally, the undersigned and fellow appointed CDC executives have long been prepared for the smooth, prompt and successful transition or turn-over of power to the next set of executive appointees.

The above information is hereby disseminated to address concerns arising from uncertainties and confusion among some stakeholders regarding the interpretation and effect of said Circular with regard to the continuity of service, daily affairs and decision making processof CDC.

BENIGNO N. RICAFORT
President and CEO

Bidq 2122 Elpidio Quirino St., Clark Freeport Zone, Philippines Tel. No.: (6345) 599-9000 (connecting all depts)
Email Address:info@clark.com.ph Website: www.clark.com.ph

BCC: CFZ Investors & Locators

TD10-3998.pdf