Semirara Mining and Power Corp. (SMPC) has turned over close to P1.7 billion in royalty payment to the Department of Energy for the second quarter, which the coal and electricity producer said was the highest ever in its history.
SMPC said in a statement the record-high amount was generated after recognizing P14.8 billion in revenue on the back of all-time high coal sales and higher average selling prices.
“The pandemic has taken a significant toll on our country,” SMPC president and COO Maria Cristina C. Gotianun said. “We hope that our contribution can help boost our government’s response against COVID-19.”
The company said that by law, the national government would retain P1 billion of the P1.7 billion. The remaining P700 million will go to the host local government units of the SMPC coal mine site, which is on Semirara Island.
The province of Antique will receive P136 million while the towns of Caluya and Barangay Semirara will receive around P300 million and P230 million, respectively.
The Local Government Code of 1991 entitles local government units to a 40 percent share of royalty proceeds from petroleum, coal, geothermal, hydrothermal and wind resources.
