Business Technology, Finance Technology & Information Technology
The government receives a royalty payment of P1.7 billion from an integrated energy company
The government has collected approximately PHP1.7 billion in royalty payments from integrated energy firm Semirara Mining and Power Corp. (SMPC) for the second quarter of the year via the Department of Energy (DOE).
SMPC stated in a statement released Tuesday that this is the company’s largest quarterly royalty payment to the government, after revenue of PHP14.8 billion from April to June 2021.
In the second quarter of 2021, SMPC’s revenue was bolstered by all-time high coal sales and better average selling prices.
The national government will get PHP1 billion of the PHP1.7 billion handed over to it, which will be used to finance initiatives to combat coronavirus illness in 2019. (Covid-19).
Local government units (LGUs) hosting SMPC mining sites would get PHP666 million, with PHP136 million going to the province of Antique, PHP300 million to the municipality of Caluya, and PHP230 million to Barangay Semirara.
The host LGUs of petroleum, coal, geothermal, hydrothermal, and wind installations are entitled to 40% of the royalty revenues under the Local Government Code of 1991.
“Our nation has suffered a tremendous loss as a result of the epidemic. We believe that our donation will assist our government’s reaction to Covid-19,” said Maria Cristina Gotianun, president and chief operating officer of SMPC.
SMPC is the country’s only power producer that also mines its own fuel, allowing it to establish a local value chain by combining its coal mining and electricity activities.
SMPC produces 900 megawatts of electricity, according to its website, with an additional 1,200 megawatts of coal-fired power in the works.
Save/Share this story with QR CODE
Disclaimer
This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.
📩 Need to get in touch?
📩 Feel free to Contact NextGenDay.com for comments, suggestions, reviews, or anything else.
We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).
AFFILIATE PARTNERS
World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.
As of January 15, the daily average of new Covid cases in the PH was 6% lower.
From January 9 to January 15, the average number of […]
In Manila, the US CDC has opened a new country office.
MANILA — The US Centers for Disease Control and Prevention […]
The PBBM administration works hard to advance human rights.
According to Malacanang, President Ferdinand R. Marcos Jr.’s government has […]
The auto industry grew by 23.8 percent from January to October.
The country’s automobile industry is still growing, with sales up […]
Only one community in San Juan has active Covid-19 instances.
MANILA, Philippines — According to the city government, just one […]
Peso is nearly flat as the PSEi declined due to worries about the US financial sector
The major index of the local stock exchange closed lower […]