SOUTH Korean listed firm Phoenix Semiconductor Philippines Corp. on Thursday said it received a payment of P33 million, representing part of its receivables of its discounted electricity incentive granted.
This amount is the fourth partial reimbursement of the government, through state-owned Clark Development Corp. (CDC), of the power discounts for electricity utilized, paid by the company since the commencement of its commercial operations in 2011.
The collection will increase the company’s cash and cash equivalents by $0.66 million, it said.
The discounted power-rate program of the government supports power-intensive industries that pour in substantial investments in the country in order to make the Philippines more attractive to foreign direct investments.
Last December the company also received P46 million from the CDC as part of its reimbursement.