“We had an exceptionally strong start, so much so that in three months, we surpassed our previous full-year royalty payments,” said SMPC President and Chief Operating Officer Maria Cristina C. Gotianun in a statement on Monday.
Of the P5.9 billion remitted to the Energy department as the government share, more than P3.5 billion will be retained by the national government. Local government units are entitled to a 40% share of royalty proceeds from petroleum, coal, geothermal, hydrothermal and wind resources, as called for by the Local Government Code of 1991.
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