About P46.1 million was remitted to local government units (LGUs) for the first quarter of 2020 for hosting renewable energy plants of the Power Sector Assets and Liabilities Management Corp. (Psalm). In a statement on Thursday, the state-led corporation said P46,077,239.87 worth of Share in National Wealth (SNW) were disbursed to the LGUs of Benguet, Bukidnon, Laguna, Lanao del Norte, Lanao del Sur and Pangasinan. The release of SNW is pursuant to Section 66 of RA 9136, or the “Electric Power Industry Reform Act of 2001,” as well as Article X Section 7 of the 1987 Constitution and Sections 289 to 294 of the Local Government Code. Under these laws, the LGUs must use at least 80 percent of their share to lower the cost of electricity in their respective areas. The Local Government Code also allows LGUs to utilize the SNW benefits for productive, developmental and welfare purposes.
