GLOBAL Business Power Corporation (GBP) supports its host community, Barangay Ingore in La Paz Iloilo City, in its efforts to mitigate the impact of the COVID-19 pandemic by immediately facilitating the release of its Energy Regulations 1-94 (ER 1-94) fund share amounting to P10.94 million.
The amount represents the ER 1-94 fund share of Barangay Ingore from the electricity sales of GBPās subsidiaries Panay Energy Development Corporation (PEDC) and Panay Power Corporation (PPC). Pursuant to the Department of Energyās Department Circular No. 2020-04-0008, ER 1-94 funds can be used to help local government units in their fight against the pandemic, in accordance with the Bayanihan to Heal as One Act. Present during the turnover was the Barangay Ingore Council headed by Punong Barangay Jonathan P. Jalandoni.
āWe are committed to help our host communities in combating COVID-19. By working together, we are confident that our communities and our nation as a whole can rise above these present challenges,ā said GBP Panay Site Head Mr. Petronilo R. Madrid.
Recently, GBP also remitted P15.32 million to the Iloilo City government its share of the ER 1-94 funds through Mayor Jerry P. TreƱas. Both Barangay Ingore and Iloilo City Government are expected to receive additional funds, particularly, those that have been previously remitted by PEDC and PPC to the Department of Energy.
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.
GBP, through its subsidiaries, is an independent power producer in Visayas, Mindanao and Mindoro, with a total gross capacity of 1,091 MW./PN
