Condonation of Interest on the Paid Principal Account of FCC/ICC of Zamboanga del Norte Electric Cooperative Due to NPC

March 5, 2013

REPUBLIC ACT NO. 10376

AN ACT CONDONING THE INTEREST ON THE PAID PRINCIPAL ACCOUNT OF FUEL COMPENSATING CHARGE/INCREMENTAL COST CHARGE (FCC/ICC) OF THE ZAMBOANGA DEL NORTE ELECTRIC COOPERATIVE, INC. (ZANECO) PAYABLE AND DUE TO THE NATIONAL POWER CORPORATION (NPC)

SECTION 1. Condonation of Interest Only. — The interest earned on the paid principal account of Thirty million five hundred fifty-seven thousand six hundred twenty-two pesos and thirty-five centavos (P30,557,622.35) for Fuel Compensating Charge/Incremental Cost Charge (FCC/ICC) of the Zamboanga del Norte Electric Cooperative, Inc. (ZANECO) payable and due to the National Power Corporation (NPC), subsequently transferred to the Power Sector Assets and Liabilities Management (PSALM) Corporation, incurred within the period of May 1991 to December 1998, which has accumulated, accrued and remains to be unpaid up to the present, in whatever accumulated amount or sum of interest as there may be, having been incurred without ZANECO's fault, is hereby condoned, thereby perpetually relieving ZANECO from the payment thereof. EDHCSI

SECTION 2. Principal Excluded from the Condonation. — The principal account of FCC/ICC in the sum of Thirty million five hundred fifty-seven thousand six hundred twenty-two pesos and thirty-five centavos (P30,557,622.35), having been paid already by the ZANECO to the NPC, and any account other than the unpaid interest on the already paid FCC/ICC amount are hereby excluded from this condonation.

SECTION 3. Effectivity. — This Act shall take effect fifteen (15) days after its publication in at least two (2) national newspapers of general circulation.

Approved: March 5, 2013.

Published in The Philippine Star on March 11, 2013.