THE Departments of Energy (DOE) and Finance (DOF) on Wednesday formalized a joint memorandum circular that allows qualified electric cooperatives (ECs) to seek tax exemptions from local government units (LGUs).
Energy Secretary Raphael Lotilla and Finance Secretary Ralph Recto, represented by Finance Undersecretary Bayani Agabin, signed the circular which provides guidelines for electric cooperatives on the availing of preferential rights under Republic Act (RA) 7160 (Local Government Code) in relation to RA 10531 (An Act Strengthening the National Electrification Administration).
