State-run National Electrification Administration will remit around P1.35 billion of unused subsidies and dividends to the national government to support efforts to mitigate the impact of the coronavirus disease 2019 (COVID-19) pandemic.
The NEA board of administrators approved the remittance to the Bureau of Treasury as requested by the Department of Finance.
Of the amount, P1.26 billion represents unutilized subsidy funds received in 2016 and earlier, and P85.71 million in dividends to the national government from its 2019 operations.
NEA administrator Edgardo Masongsong said the move was pursuant to Republic Act No. 11469 or the “Bayanihan to Heal as One Act.”
“The amount will help our national government facilitate the delivery of much needed assistance for many industries and livelihoods that were severely disrupted by the ongoing public health emergency,” Masongsong said.