Napocor remits P100M to gov’t

MANILA, Philippines - State-run National Power Corp. (Napocor) has remitted some P100 million worth of dividends to the government, the first time after being debt-ridden for many years.

Napocor was one of the 50 government-owned and controlled corporations (GOCCs) that recently handed over dividends to the National Treasury at a ceremony held at the Rizal Hall of Malacañang Palace.

Napocor executives personally handed to President Benigno Aquino III their remittance check.

This is the first time that the state-run power corporation has remitted to the Bureau of Treasury since 2006.

The contribution is attributed to the corporation’s good financial standing for 2013 that recorded a P505 million net income, way better than the P 397 million net profit income for 2012.

Under RA 7656, otherwise known as the Dividend Law, GOCCs are required to declare and remit half or part of their income as per the recommendation of the Secretary of Finance to the National Government for development projects in the country.

Likewise, Napocor has also remitted P1.7 billion to the Bureau of Internal Revenue (BIR) for the year 2013 leading it on the bureau’s list of Large Taxpayers Service.

Founded in 1936, Napocor used to be the largest provider and generator of electricity in the Philippines.

With the passage of the Republic Act 9136 or the Electric Power Industry Reform Act of 2001 EPIRA, Napocor is no longer the same corporate entity, with the EPIRA mandating the privatization of its generation and transmission assets, save for those necessary for missionary electrification through the Small Power Utilities Group (SPUG).

Through SPUG, Napocor continues to pursue its mandate to provide electricity in off-grid areas, particularly in areas where private investors hesitate to come in due to lack of infrastructure and political and security concerns.

Napocor also manages 11 watersheds and 22 dams under its stewardship. From the period 2008 up to 2012, Napocor was able to rehabilitate more than 2,600 in its watershed areas, mainly through reforestation and agro-forestry initiatives.