MANILA, Philippines - The National Electrification Administration (NEA) reported yesterday that it has remitted P14.43 million in dividends to the National Government.
NEA administrator Edita S. Bueno said their contributions show the agency’s efforts toward nation-building and good governance.
The state-run agency, Bueno said, is among the first batch of government-owned and controlled corporations and government financing institutions (GOCCs/GFIs) which handed-over dividends to President Aquino.
NEA turned over P14.431 million representing 50 percent of dividends due from NEA’s net earnings for the year.
The second tranche of the dividends will be remitted after receipt of the Commission on Audit (COA) report by the third quarter of 2011.
In 2010, NEA earned a third consecutive unqualified audit opinion from COA, an affirmation that NEA is doing its business the right and honest way.
Further, for the sixth straight year, based on COA’s audited financial statements, NEA has posted a positive net income. The initial report for 2010 shows a net income of P179 million.
Contributing to the agency’s annual income are the strict observance of electric power and water conservation, optimized efficiency in the use of office supplies, availment of airlines discount fares, among others.
These are on top of the savings generated from personal services as a result of organizational restructuring in 2003 that reduced the number of employees from 730 to 280 as of Dec. 31, 2010.