Semirara pays DOE P2.65B in royalties for 2016

Semirara Mining and Power Corp. (SMCP) on Monday said it turned over some P2.65 billion in royalty payments to the Department of Energy (DOE) for 2016.

In a filing with the local bourse, Semirara said its latest royalty payments reflect a 47-percent increase from P1.8 billion in 2015.

According to the company, more than P1 billion will go to local government units of the Province of Antique, the Municipality of Caluya and Barangay Semirara.

“SMPC is committed to creating shared value for our stakeholders. Because of our partnership with the national government, we are able to generate growth that redounds to our host province, municipality and community,” Semirara President and COO Victor A. Consunji said.

Under Philippine laws, local government units are entitled to a 40-percent share of royalty proceeds from petroleum, coal, geothermal, hydrothermal and wind resources.

Citing a Department of Budget and Management report released June 2016, Semirara said its 2015 remittances accounted for 83 percent of the P2.2 billion total government royalty collections from energy resource and production.

Semirara's host region Western Visayas was said to have received the lion's share of nearly P725 million.

- See more at: http://www.gmanetwork.com/news/money/companies/603892/semirara-pays-doe-p2-65b-in-royalties-for-2016/story/#sthash.2KYbrI1O.dpuf

Semirara Mining and Power Corp. (SMCP) on Monday said it turned over some P2.65 billion in royalty payments to the Department of Energy (DOE) for 2016.

In a filing with the local bourse, Semirara said its latest royalty payments reflect a 47-percent increase from P1.8 billion in 2015.

According to the company, more than P1 billion will go to local government units of the Province of Antique, the Municipality of Caluya and Barangay Semirara.

“SMPC is committed to creating shared value for our stakeholders. Because of our partnership with the national government, we are able to generate growth that redounds to our host province, municipality and community,” Semirara President and COO Victor A. Consunji said.

Under Philippine laws, local government units are entitled to a 40-percent share of royalty proceeds from petroleum, coal, geothermal, hydrothermal and wind resources.

Citing a Department of Budget and Management report released June 2016, Semirara said its 2015 remittances accounted for 83 percent of the P2.2 billion total government royalty collections from energy resource and production.

Semirara's host region Western Visayas was said to have received the lion's share of nearly P725 million.

- See more at: http://www.gmanetwork.com/news/money/companies/603892/semirara-pays-doe-p2-65b-in-royalties-for-2016/story/#sthash.2KYbrI1O.dpufemirara Mining and Power Corp. (SMCP) on Monday said it turned over some P2.65 billion in royalty payments to the Department of Energy (DOE) for 2016.

In a filing with the local bourse, Semirara said its latest royalty payments reflect a 47-percent increase from P1.8 billion in 2015.

According to the company, more than P1 billion will go to local government units of the Province of Antique, the Municipality of Caluya and Barangay Semirara.

“SMPC is committed to creating shared value for our stakeholders. Because of our partnership with the national government, we are able to generate growth that redounds to our host province, municipality and community,” Semirara President and COO Victor A. Consunji said.

Under Philippine laws, local government units are entitled to a 40-percent share of royalty proceeds from petroleum, coal, geothermal, hydrothermal and wind resources.

Citing a Department of Budget and Management report released June 2016, Semirara said its 2015 remittances accounted for 83 percent of the P2.2 billion total government royalty collections from energy resource and production.

Semirara's host region Western Visayas was said to have received the lion's share of nearly P725 million.