Napocor nets P3B

National Power Corp., the state-owned power company once considered a thorn of the government due with its billion-peso debt, made a complete turnaround in 2015, posting a net income of P2.9 billion under the helm of its first lady president, Ma. Gladys Cruz-Sta. Rita.

The 2015 figure is a reversal of its P2.78 billion net loss in 2010. It is also a marked improvement from the P1.5 billion income in 2014.

Also, Sta. Rita was also able to push the company to significantly reduce weekly power outages caused by its power plants in remote areas not connected to the main grid. This is attributed to Napocor’s provision of spare parts and new generating sets as reserve capacities for missionary areas.

“We increased power supply to 24 hours from 16 hours to about 10 island tourist destinations in Palawan and Quezon,” she noted. “We also provided electricity for the first time in 10 very small islands benefiting 7,655 households, like Naro Island in Masbate,” she added.

Napocor also achieved a corporate-wide International Organization for Standardization (ISO) 9001:2008 Certification (Quality Management System).

Sta. Rita became Napocor’s head in 2013.

She attributed the improvement in Napocor’s finances to collection efficiency and reasonable tariff approvals.