AboitizPower to remit P146M to host communities

By Jordeene B. Lagare – April 9, 2020
from Then Manila Times

LISTED Aboitiz Power Corp. (AboitizPower) said on Wednesday it would remit P146 million to host communities in the country to help them fight the coronavirus disease 2019 (Covid-19) pandemic. “AboitizPower is currently downloading to around 130 host beneficiaries across Luzon, the Visayas and Mindanao P146 million worth of funds generated as of Dec. 25, 2019,” the power arm of the Aboitiz Group said in a statement. Another P338 million from various AboitizPower-led generating companies, accumulated as of 2018, is also being disbursed by the Department of Energy (DoE) to the host beneficiaries. Under the DoE’s Energy Regulations 1-94 Program, communities are entitled to a share amounting to P0.01 per kilowatt-hour of the total electricity sales from generation companies and energy resource developers for hosting power projects of these entities. AboitizPower shares fell by P1.65 or 5.71 percent to close at P27.25 each on Wednesday.