News & Events
MisOr gets P9.5M additional funding from Filinvest
Filinvest’s FDC Misamis Power Corporation (FDC Misamis) remits P9.5M to the Provincial Government of Misamis Oriental as financial benefit under the ER 1-94 Program. FDC Misamis President and CEO Juan Eugenio L. Roxas (1st from left) awards the ceremonial check to Misamis Oriental Governor Yevgeny Vincente “Bambi” B. Emano (2nd from left). Other local officials were also present during the ceremonial turnover namely (3rd from left to right) Provincial Board Member Dexter B. Yasay, Acting Provincial Treasurer Ronald Jame D. Violon, and Provincial Health Officer Dr. Jerie P. Calingasan.
Misamis Oriental, Philippines – The local government of Misamis Oriental has received Php 9.5 million of funding from Filinvest’s FDC Misamis Power Corporation (FDC Misamis) as financial benefit to strengthen initiatives against COVID-19.
The power firm remitted the funds in compliance with the Energy Regulations (ER) 1-94 Program of the Department of Energy (DOE).
A policy stipulated in the DOE Act of 1992 and the Electric Power Industry Reform Act of 2001 (EPIRA), ER 1-94 allows a community hosting an energy generating facility to have access to a financial benefit of one-centavo per kilowatt-hour (P0.01/kWh) of the total electricity sales. This funds various development projects: electrification projects (50 percent), development and livelihood (25 percent), and reforestation, watershed management, health and/or environmental enhancement (25 percent).
As the country combats the spread of the coronavirus, the DOE has authorized the utilization of ER 1-94 funds to help host LGUs enhance their health services.
MisOr province executives communicated their appreciation to the Gotianun-led power firm for its timely remittance during the ceremonial turnover held recently at the Provincial Capitol.
“On behalf of the Province of Misamis Oriental, being the Chair of the Committee on Energy, Transportation, and Communication, salamat kaayo sa on time (nga remittance),” said MisOr Board Member Dexter Yasay.
Governor Yevgeny Vincente “Bambi” B. Emano has ordered the Provincial Health Office to use the funds to deter and protect residents from the spread of the virus. He recalled how Dr. Jerie P. Calingasan, the Provincial Health Officer and Chairman of the Provincial Inter-Agency Task Force, was worried that the Province might no longer have sufficient funds to purchase additional RDTs (rapid diagnostic tests).
“Chief, with the presence of Filinvest right now, with Php 9 million, I can triple, quadruple assure you that all of those if you want, you can use it to prevent and defend our people versus COVID-19,” Emano said to Calingasan during his speech.
“(I) would like to thank the Gotianun family, first, of course, Mrs. (Josephine) Yap and our President and CEO (Mr. Juan Eugenio L. Roxas) and to the entire Filinvest family. Thank you very much. You know this is what you call generosity. This is what you call an honest help to the Province of Misamis Oriental,” the governor added.
FDC Misamis has likewise downloaded funds to its other host communities. It has remitted an estimated Php 53 million of ER 1-94 funds, wherein around Php 14 million was submitted to the DOE and Php 26 million directly to host LGUs.
Apart from the Province of MisOr, it has six other beneficiaries: the Municipalities of Villanueva and Tagoloan as the host LGUs; Barangays Tambobong and Balacanas, both in Villanueva, and Sta. Cruz in Tagoloan, as the affected barangays; and Northern Mindanao as the host region.
“FDC Misamis understands how essential it is to strengthen the capabilities of our stakeholders. The immediate remittance of the financial benefit provides our host communities with added security and available resources to ensure they have a fighting chance of enduring the effects of COVID-19,” said FDC Misamis President and CEO Juan Eugenio L. Roxas.
“We are thankful to the Energy Department, especially to Secretary Alfonso G. Cusi, for giving the green light to reallocate the ER 1-94 funds to back communities as they strategically overcome the new uncertainties brought about by the pandemic.”
FDC Misamis is a subsidiary of FDC Utilities, Inc. and a member of the Filinvest Development Corporation. It owns and operates the 3×135-MW circulating fluidized bed coal thermal plant situated in the PHIVIDEC Industrial Estate. It is one of Mindanao’s biggest baseload power plants and is among the cheapest source of reliable power.