Monday, September 24, 2018
Close  
  • share this

Semirara royalty payments to DOE surged in 2016 by 47% to hit P2.65B

Semirara Mining and Power Corp. (SMPC) said its royalty payments turned over to the Department of Energy surged by 47 percent to P2.65 billion in 2016 from P1.8 billion in 2015.

Of the amount paid last year, 40 percent or about P1 billion was intended for local government units that host SMPC’s coal mine—Barangay Semirara, the town of Caluya and the province of Antique.

ADVERTISEMENT

By law, LGUs are entitled to a two-fifths share of royalty proceeds from petroleum, coal, geothermal, hydrothermal and wind resources.

Also by law, the three LGUs will respectively get a share of 20 percent, 45 percent and 35 percent of the inflow.

“SMPC is committed to creating shared value for our stakeholders,” SMPC president and chief operating officer Victor A. Consunji said in a statement.

“Because of our partnership with the national government, we are able to generate growth that redounds to our host province, municipality and community,” Consunji added.

Since DMCI Holdings bought into SMPC in 1997, the power firm’s royalty payments to the national government has accumulated to at least P13.5 billion.

In 2015 alone, based on data from the Department of Budget and Management, SMPC’s remittances represented 83 percent of the P2.2 billion total government royalty collections from energy resource and production.

Read Next
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Department of Energy, Semirara Mining and Power Corp. (SMPC)
For feedback, complaints, or inquiries, contact us.
newsinfo

Dense swarm of bats causes flap at Vienna airport

September 24, 2018 09:37 PM

newsinfo

At UN, Trump calls for global action on drugs

September 24, 2018 09:19 PM

newsinfo

Italy government adopts anti-migrant decree

September 24, 2018 09:10 PM



© Copyright 1997-2018 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.