CEBU

GBP remits P23M Energy Regulations fund for Toledo City’s Covid-19 response

Global Business Power Corporation (GBP) remitted a total of P23.3 million to Toledo City in Cebu to further support and boost its Covid-19 pandemic response.

The amount represents the Energy Regulations 1-94 (ER 1-94) fund share of Toledo City from the electricity sales of GBP's subsidiaries, Cebu Energy Development Corporation (CEDC) and Toledo Power Co. (TPC). CEDC and TPC, with a combined generation capacity of 428 MW, facilitated the release of the fund share in order to assist the city in mitigating the effects and consequences of Covid-19.

The Department of Energy issued Department Circular (DC) No. 2020-04-00080 to allow the utilization of ER 1-94 funds for Covid-19 response to help local government units in their fight against the pandemic, in accordance with the Bayanihan to Heal as One Act. This will then provide LGUs more access to protective personal equipment (PPEs) for frontliners, essentials, and an improved capacity for mass testing.

“We, at GBP, are committed partners of our communities in battling the Covid-19 health crisis and its adverse consequences. Through this assistance to the City of Toledo, we are hoping to help our kababayans in rising above this challenging time”, said GBP Cebu Site Head Leah G. Diaz.

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. (PR)


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