Transco must remit half of earnings to NG

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The story "Transco must remit half of earnings to NG" was covered 15 hours ago by Business Mirror, a news publisher based in Philippines.

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Transco must remit half of earnings to NG - Business Mirror

Quick Summary:

THE Department of Justice (DOJ) has ruled that the National Transmission Corporation (Transco) is required to remit at least 50 percent of its annual net earnings to the national government under Republic Act No.7656 or Dividend Law.

The DOJ held that Transco is a GOCC created under Section 8 of the Electric Power Industry Reform Act of 2001 for the purpose of assuming the electrical transmission function of the National Power Corporation [NPC].

In his letter-request, Dela Serna sought the DOJ’s opinion on whether or not Transco is required to remit dividends to the national government under RA 7656.