GBP turns over P15M to Iloilo City
One with Iloilo City in its battle against the COVID-19 pandemic, Global Business Power Corporation (GBP) facilitated the immediate remittance of Php15.32M to the city government through Mayor Jerry Trenas to further boost and support its response to this public health crisis. The amount represents the Energy Regulations 1-94 (ER 1-94) fund share of Iloilo
By Staff Writer
One with Iloilo City in its battle against the COVID-19 pandemic, Global Business Power Corporation (GBP) facilitated the immediate remittance of Php15.32M to the city government through Mayor Jerry Trenas to further boost and support its response to this public health crisis.
The amount represents the Energy Regulations 1-94 (ER 1-94) fund share of Iloilo City from the electricity sales of GBP’s subsidiaries – Panay Energy Development Corporation and Panay Power Corporation.
The Department of Energy issued Department Circular (DC) No. 2020-04-00080 to allow the utilization of ER1-94 funds for COVID-19 response and help local government units in their fight against the pandemic, following the Bayanihan to Heal as One Act.
The projects include access to protective personal equipment (PPEs) for frontliners, essentials, and mass testing.
The ER 1-94 program stipulates that host communities are entitled to financial benefits of one centavo for every kilowatt-hour (P0.01/kWh) of the total electricity sales of generating companies to finance electrification, livelihood, and development projects.
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