00:00Independent power producers help fill out gaps left by major power suppliers in energizing the country,
00:07especially in remote or far-flung communities.
00:10Just like MSMEs, power producers need government assistance to survive and keep in business.
00:17So the president has heeded their call and thrown them a lifeline by way of back-end remedy of tax breaks and discounts,
00:25as our Floyd Brands reports.
00:28To ensure a stable power supply and affordable electricity rates,
00:33President Ferdinand R. Marcos, Jr. has signed Executive Order No. 83.
00:38This order mandates the reduction of real property taxes and the removal of interest and penalties
00:44for independent power producers operating under built-operate transfer contracts with the government.
00:50This aims to maintain the operation of power generation facilities
00:54and prevent the shutdown of power plants that provide a total of 3,100 megawatts of electricity,
01:01a situation that could lead to higher electricity prices or rotating brownouts if operations are halted or plants shut down.
01:09Under E.O. 83, instead of the 80% assessment level imposed by some local government units,
01:15property taxes for independent power producers in 2024 will be reduced
01:20based on a 15% assessment level of their facilities' fair market value.
01:25Interest and penalties or unpaid real property taxes will be waived, easing the financial burden on IPPs.
01:32To further strengthen and improve the leadership structure of the Philippine Coast Guard,
01:37Republic Act No. 12122 has been enacted.
01:40The law clarifies the appointment, term limits, and retirement policies for PCG officers.
01:46A maximum three-year term is now set for the PCG commandant to prevent frequent leadership changes that could disrupt operations.
01:54Once the term ends or if the commandant retirement is required,
01:58ensuring a smooth transition of leadership unless an extension is granted.
02:03The law also strengthens merit-based promotions requiring the commandant to be chosen from PCG flag officers.
02:10With a command at sea badge and prior experience as a district commander ensuring competence and leadership capability.
02:18From PTV Manila, Floyd Brents, Balitang Pampansa.
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