The National Electrification Administration (NEA) remitted to the national government this year P203.98 million, which is 38 percent higher than last year and the biggest in the agency’s history, a top official said on Tuesday.
NEA Administrator Edita Bueno said the amount, which was NEA’s net earnings for 2014, was turned over to the Bureau of Treasury last April 16.
NEA’s 2014 net income before income tax was P587 million.
As provided by the Dividend Law, government owned and controlled corporations (GOCCs) are required to remit at least 50 percent of their annual net earnings as dividends to the national government.
Bueno said the agency’s remittance is part of its commitment to pursue good governance, render reliable public service and promote inclusive growth.
“NEA continuously strives for excellence by dutifully paying its obligations to the government,” she said.
The agency also deposited P171.64 million to the account of the Bureau of Internal Revenue (BIR) on April 10, representing its income tax for 2014.
Last year, NEA earned a 7th consecutive unqualified opinion from Commission on Audit (COA) based on the agency’s audited financial statements for CY 2013.
After restructuring in 2003, NEA has posted a positive net margin for 11 straight years.
Among the contributing factors to NEA’s positive financial position are the enhanced lending program and corporate practices of prudence.
Since its financial turnaround in 2004, NEA has adopted various measures and initiatives to make its operation more viable and feasible.
One of these is MOM, or minimization of expenses, optimization of resources and maximization of revenues.