Consunji-led Semirara Mining and Power Corporation (SMPC) announced on Tuesday that it has paid nearly Php1.7 billion in royalties to the Department of Energy (DOE) for the second quarter, the highest ever in the company’s history.
Of the Php1.7 billion, more than Php1 billion will be retained by the national government. The rest, meanwhile, will go to the host local government units (LGUs) of the SMPC mine site in accordance with Republic Act 7160 or the Local Government Code.
The province of Antique will receive Php136 million, while the municipality of Caluya and Barangay Semirara will receive around Php300 million and P230 million, respectively.
Under the Local Government Code, LGUs are entitled to a 40% of royalty proceeds from petroleum, coal, geothermal, hydrothermal and wind resources.
SMPC said it was able to generate the record payment after recognizing Php14.8 billion in revenues on the back of all-time high coal sales and higher average selling prices.
“The pandemic has taken a significant toll on our country. We hope that our contribution can help boost our government’s response against COVID-19,” SMPC President and COO Maria Cristina Gotianun said in a statement.
The company recently reported that its second quarter profits went up by 279% year-on-year.