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LOCAL governments hosting mineral mining and energy development within their regions are poised to receive a collective share of P12.8 billion from the national treasury’s income derived from the commercial utilization of the nation’s natural resources, Surigao del Sur Rep. Johnny Pimentel said on Sunday.
Pimentel emphasized that this substantial funding infusion will empower local governments to initiate new projects aimed at generating additional employment and livelihood opportunities for their communities. Under the law, the share is allocated as follows: 20 percent to the province; 45 percent to the component city or municipality; and 35 percent to the barangay.
As to local governments obtaining their shares from the extraction of hydrothermal, geothermal and other energy assets, at least 80 percent of the money must be spent to lower electricity prices in the communities that supplied the resources.