Business and Economy
Semirara Mining H1 royalty payment triples to P1.7-B
69 billion from January to June 2017, higher than the PHP575 million worth of royalty payment in the same period in 2016.
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In a disclosure to the Philippine Stock Exchange, SMPC remitted PHP1.69 billion from January to June 2017, higher than the PHP575 million worth of royalty payment in the same period in 2016. (Photo: semiraramining.com)MANILA — Semirara Mining and Power Company (SMPC) said Friday it has tripled its royalty payment to the government during the first semester of the year.
In a disclosure to the Philippine Stock Exchange, SMPC remitted PHP1.69 billion from January to June 2017, higher than the PHP575 million worth of royalty payment in the same period in 2016.
The integrated energy firm attributed the surge in remittance to the government to its increased production and expanding operations.
Of the total payment, more than PHP1 billion will go to the National Government while PHP676 million will go to the local government units (LGUs) where SMPC is operating.
Under the Local Government Code of 1991, LGUs have 40 percent share of royalty payments from petroleum, coal, geothermal, and hydrothermal, and wind resources.
For the first half of the year, SMPC paid PHP304 million to the municipality of Caluya, PHP237 million for Barangay Semirara, and PHP135 million to Antique province.
“Our continued partnership with the DOE (Department of Energy) 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,” said SMPC President and Chief Operating Officer Victor A. Consunji.
For the next two to three years, SMPC targets to produce 16 million metric tons of coal annually.
(PNA)
