EDC releasing funds to Ormoc, Kananga

Constituents of Ormoc City and the municipality of Kananga in Leyte will soon benefit from hosting the geothermal power plants of Energy Development Corp. as the company establishes trust accounts for the local governments.

“Being able to directly disburse our partner communities’ benefits as hosts of our geothermal facilities will also help us strengthen our relationship with them as we provide them with the necessary guidance on the use of the funds for community projects,” said Allan Barcena, EDC head of corporate social responsibility and public relations group, in a statement.

EDC recently signed a memorandum of agreement with its beneficiaries in compliance with an Energy Department directive that requires energy generation companies and resource developers to directly provide benefits, equivalent to one centavo per kilowatt-hour (P0.01 per kWh) of total electricity sales to the host communities.

EDC said while the exact amount was still being computed, the company would be able to directly remit the benefit to the beneficiaries on a quarterly basis beginning this year once they opened the trust accounts. 

Topics: Ormoc City , geothermal power plants , Energy Development Corp. , Allan Barcena
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