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)
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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)
Republic Act No. 10376
March 5, 2013
Case Overview and Summary
Summary of Republic Act No. 10376Condonation of Interest on Paid Principal Account of FCC/ICC
- The interest earned on the paid principal account of P30,557,622.35 for Fuel Compensating Charge/Incremental Cost Charge (FCC/ICC) of Zamboanga del Norte Electric Cooperative, Inc. (ZANECO) payable to the National Power Corporation (NPC), subsequently transferred to the Power Sector Assets and Liabilities Management (PSALM) Corporation, incurred from May 1991 to December 1993, is hereby condoned. (Section 1)
- This condonation relieves ZANECO from paying any accumulated interest on the already paid principal amount of FCC/ICC.
Principal Amount Excluded from Condonation
- The principal account of FCC/ICC amounting to P30,557,622.35, which has already been paid by ZANECO to NPC, is excluded from this condonation. (Section 2)
- Any account other than the unpaid interest on the already paid FCC/ICC amount is also excluded from this condonation.
Effectivity
- This Act shall take effect fifteen (15) days after its publication in at least two (2) national newspapers of general circulation. (Section 3)
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Republic Acts
Zamboanga del Norte Electric Cooperative
National Power Corporation
Power Sector Assets and Liabilities Management Corporation
Fuel Compensating Charge
Incremental Cost Charge
interest condonation
principal payment
electricity charges
Law
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)
Republic Act No. 10376
•March 5, 2013
Republic of the PhilippinesCONGRESS OF THE PHILIPPINESMetro Manila
Fifteenth CongressThird Regular Session
Begun and held in Metro Manila, on Monday, the twenty-third day of July, two thousand twelve.
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)
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
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 1993, which has accumulated, accrued and remains to be unpaid up to the present, in whatever...
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Amends
n/a
Amended by
n/a
Tags
Statutes
Republic Acts
Zamboanga del Norte Electric Cooperative
National Power Corporation
Power Sector Assets and Liabilities Management Corporation
Fuel Compensating Charge
Incremental Cost Charge
interest condonation
principal payment
electricity charges
Republic of the PhilippinesCONGRESS OF THE PHILIPPINESMetro Manila
Fifteenth CongressThird Regular Session
Begun and held in Metro Manila, on Monday, the twenty-third day of July, two thousand twelve.
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)
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
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 1993, which has accumulated, accrued and remains to be unpaid up to the present, in whatever...
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