Napocor adds P300M in remittance to govt

BY LENIE LECTURA – SEPTEMBER 9, 2021
from Business Mirror

STATE firm National Power Corp. (Napocor) has remitted P300 million to the national treasury, its top official said Thursday.

Napocor Officer-in-Charge Donato D. Marcos said the amount is on top of the company’s P600-million dividend remitted last April.

“We remit this additional dividend as a contribution to the national government’s programs in mitigating the impact of the current health crisis,” Marcos said.

The additional amount, he added, will help address the nation’s need for additional funds in fighting the Covid-19 pandemic.

Napocor said it assures its stakeholders that the additional remittance does not compromise its operational capability and financial position. Napocor has been consistently remitting to the Bureau of the Treasury half of its income as stipulated in the Dividend Law (Republic Act 7656) since its financial turnaround in 2014.

As mandated by the Electric Power Industry Reform Act of 2001, the Napocor is tasked to perform missionary electrification in far-flung islands and villages in the country through its 278 “Small Power Utilities Group” plants.