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News > Semirara Mining remits P1.69B in royalties to gov't

Semirara Mining remits P1.69B in royalties to gov't

Semirara Mining and Power Corporation (SMPC) has remitted P1.69 billion in royalties to the Department of Energy (DOE) during the first half of the year.

The amount is three times more than the P575 million in royalty payments the company made a year earlier, Semirara said in a regulatory filing on Friday.

"The surge in government remittances was driven by the SMPC’s increased production and expanding operations," the company said.
 
Under the Local Government Code of 1991, local government units are entitled to a 40 percent share of royalty proceeds from petroleum, coal, geothermal, hydrothermal, and wind resources.

"By law, the Province of Antique will receive P135 million while the Municipality of Caluya and Barangay Semirara will receive P304 million and P237 million, respectively," SMPC said.

The balance of more than P1 billion will be retained by the national government.

“Our continued partnership with the DOE allows us to create and deliver shared value to the government and our host communities. With the increased royalty payments, they can undertake more programs and projects for our countrymen," SMPC president and COO Victor Consunji said. 

 

Source: GMA News