National Transmission Corporation (TransCo) (1)

April 30, 2012 FIRB RESOLUTION NO. 005-12 SUBJECT MATTER : National Transmission Corporation (TransCo) (1) WHEREAS, the National Transmission Corporation (TransCo) is the government corporation mandated to assume the electrical transmission function of the National Power Corporation (NPC), as well as the NPC's authority and responsibility for the planning, construction and centralized operation and maintenance of high voltage transmission facilities, including grid interconnections and ancillary services under the Electric Power Industry Reform Act of 2001; WHEREAS, the conduct of these functions has resulted in the basic Value-Added Tax (VAT) liabilities of the TransCo for the year 2006; WHEREAS, the TransCo does not have the financial resources to settle these tax obligations with the Bureau of Internal Revenue; NOW, THEREFORE, BE IT RESOLVED, AS IT IS HEREBY RESOLVED, to grant tax subsidy to the TransCo to cover its Basic Deficiency VAT liabilities for 2006 in the amount of SIX HUNDRED NINETY TWO MILLION THREE HUNDRED FIFTY NINE THOUSAND SIX HUNDRED TWENTY AND 89/100 PESOS (PhP692,359,620.89) only: Provided, that such availment shall be in accordance with the terms and conditions of Section 13 of the 2012 General Appropriations Act, subject to the availability of funds therefor, pursuant to the terms and conditions of the Rules and Regulations to Implement the Subsidy Provision under Executive Order No. 93. CAacTH (SGD.) LAURA B. PASCUA Undersecretary Department of Budget and Management (SGD.) ADRIAN S. CRISTOBAL, JR. Undersecretary Department of Trade and Industry (SGD.) MARGARITA R. SONGCO Deputy Director-General National Economic and Development Authority (SGD.) MARISSA O. CABREROS Assistant Commissioner Bureau of Internal Revenue (SGD.) RAMON G. CUYCO Director Bureau of Customs (SGD.) TRINIDAD A. RODRIGUEZ Officer-in-Charge National Tax Research Center Head, FIRB Secretariat (SGD.) GIL S. BELTRAN Undersecretary of Finance Presiding Officer-FIRB