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.
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.
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