National Electrification Administration (1)

May 8, 1991 FIRB RESOLUTION NO. 010-91 SUBJECT : National Electrification Administration (1) BE IT RESOLVED, AS IT IS HEREBY RESOLVED, to amend FIRB Resolution No. 3-91, previously issued in favor of the National Electrification Administration, as follows: "BE IT RESOLVED, AS IT IS HEREBY RESOLVED, to endorse to the Department of Budget and Management the subsidy availment of the National Electrification Administration in the amount of P318,633,615 . 49 only, representing the taxes and customs duties due on its importations of electrical equipment and materials WHICH WERE CONTRACTED IN 1990 PER LETTERS OF CREDIT THEREFOR BUT WHICH ARRIVED IN 1991: Provided , That such amount shall be chargeable against the 1991 Tax Expenditures Fund, 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: Provided , Further that this availment shall be the last one for the beneficiary-entity and that henceforth electric cooperatives should register with the Cooperative Development Authority for purposes of qualifying them for tax and duty exemption privileges under the terms and conditions of Republic Act No. 6938 (Cooperative Code of the Philippines): Provided , Furthermore that on a long-term basis, electric cooperatives should undertake initiatives to rationalize their power rate structure in order to make their operations more efficient and viable and less dependent on government subsidy." BE IT FURTHER RESOLVED, AS IT IS HEREBY RESOLVED, to amend the validity date of Certificate of Entitlement to Subsidy No. 0056 corresponding to the foregoing FIRB Resolution No. 3-91 from April 30, 1991 to June 30, 1991. (SGD.) JESUS P. ESTANISLAO Secretary of Finance Chairman FIRB References : FIRB Technical Committee Meeting dated April 17, 1991 FIRB meeting dated May 7, 1991