STATE-RUN National Power Corp. (NPC)

STATE-RUN National Power Corp. (NPC) will settle its arrears totaling P3.Forty four billion in additional remittances from ultimate yr, in addition to unpaid dividends from 2012 to 2015, the Department of Finance (DoF) stated on Friday.

In a assertion, the Finance branch said the electricity business enterprise has dedicated to remit P472 million extra in dividend remittances for 2016 and P2.Ninety seven billion in arrears masking 2012 to 2015 payable in 5 years.

According to the DoF Corporate Affairs Group, the NPC has agreed to remit P594 million per 12 months, starting in 1/3 region of 2017 and settle its unpaid dividends from 2012 to 2015 totaling P2.97 billion.

The amounts are on top of the everyday dividends falling due inside the coming years, the Finance department said.

The P3.44 billion in extra revenue from the NPC dividends can be spent on social and infrastructure initiatives, Finance Undersecretary Antonette Tionko said.

In May, the NPC remitted P333 million to the countrywide government.

“We instructed the NPC that even supposing we collect they will still be left with sufficient coins for their operations,” Tionko said.

Money supply grew handiest slightly

Money supply grew handiest slightly in May amid slower financial institution lending as loans for production activities and households moderated, the Bangko Sentral ng Pilipinas (BSP) said on Friday.

Domestic liquidity, or M3, rose with the aid of eleven.3 percentage to P9.6 trillion in May, from 11.2 percentage in April. Month-on-month, M3 grew through a seasonally adjusted 1.2 percent.

Focusing at the sustained energy of domestic call for, the critical financial institution said, “Demand for credit remains the essential motive force of money supply growth.”

The enlargement of money deliver shows it “remains enough to support economic growth,” the BSP said in a declaration.

Domestic claims grew by using 14.Three percent, faster than thirteen.8 percentage in April, “due largely to sustained boom in credit score to the personal area.”

Despite a slowdown, growth in bank loans remains robust because of lending to key manufacturing sectors along with actual estate activities; energy, gasoline, steam and airconditioning supply; production; wholesale and retail exchange; repair of motor vehicles and bikes; and data and communique.

Lending to the public region accelerated via eight.Nine percent, quicker than 4.Three percent in the preceding month “due to expanded borrowings through the national authorities.”

Net overseas belongings (NFA) grew by using 4.6 percentage in peso phrases from three.6 percent, the central bank stated, noting that its own NFA role persevered to amplify because of robust forex inflows, particularly from foreign places Filipinos’ remittances and commercial enterprise manner outsourcing receipts.

Banks’ foreign property increased on the back of better loans and investments in marketable debt securities.