AN ACT CONDONING THE INTEREST ON THE PAID PRINCIPAL ACCOUNT OF FUEL COMPENSATING CHARGE/INCREMENTAL COST CHARGE (FCC/ICC) OF THE ZAMBOANGA DEL NORTE ELECTRIC COOPERATIVE. INC. (ZANECO) PAYABLE AND DUE TO THE NATIONAL POWER CORPORATION (NPC)
Year:
2013
Category:
Other
Date Approved:
March 5, 2013
Summary
Plain-language AI-assisted summary — not the official text. As of July 1, 2026. Read the full text below or on the official source.
This Act condones the interest on the unpaid principal account of the Fuel Compensating Charge/Incremental Cost Charge (FCC/ICC) of the Zamboanga del Norte Electric Cooperative, Inc. (ZANECO) that is due to the National Power Corporation (NPC). It relieves ZANECO from the payment of accumulated interest incurred without its fault from May 1991 to December 1993.Full Text
Fifteenth Congress
Third Regular Session
Begun and held in Metro Manila, on Monday, the twenty-third day of July, two thousand twelve.
REPUBLIC ACT No. 10376
AN ACT CONDONING THE INTEREST ON THE PAID PRINCIPAL ACCOUNT OF FUEL COMPENSATING CHARGE/INCREMENTAL COST CHARGE (FCC/ICC) OF THE ZAMBOANGA DEL NORTE ELECTRIC COOPERATIVE. INC. (ZANECO) PAYABLE AND DUE TO THE NATIONAL POWER CORPORATION (NPC)
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
Section 1. Condonation of Interest Only. – The interest earned on the paid principal account of Thirty million five hundred fifty-seven thousand six hundred twenty-two pesos and thirty-five centavos (30,557,622.35) for Fuel Compensating Charge/Incremental Cost Charge (FCC/ICC) of the Zamboanga del Norte Electric Cooperative, Inc. (ZANECO) payable and due to the National Power Corporation (NPC), subsequently transferred to the Power Sector Assets and Liabilities Management (PSALM) Corporation, incurred within the period of May 1991 to December 1993, which has accumulated, accrued and remains to be unpaid up to the present, in whatever accumulated amount or sum of interest as there may be, having been incurred without ZANECO’s fault, is hereby condoned, thereby perpetually relieving ZANECO from the payment thereof.
Section 2. Principal Excluded from the Condonation. – The principal account of FCC/ICC in the sum of Thirty million five hundred fifty-seven thousand six hundred twenty-two pesos and thirty-five centavos (30,557,622.35), having been paid already by the ZANECO to the NPC, and any account other than the unpaid interest on the already paid FCC/ICC amount are hereby excluded from this condonation.
Section 3. Effectivity. – This Act shall take effect fifteen (15) days after its publication in at least two (2) national newspapers of general circulation.
Approved,
This Act which originated in the House of Representatives was finally passed by the House of Representatives and the Senate on June 4, 2012 and December 17, 2012, respectively.
Approved: MAR 05 2013
(Sgd.) BENIGNO S. AQUINO III
President of the Philippines
Share
PDF Document
Source
Official source from LawPhil:
View on LawPhil Last updated: Jul 1, 2026About
Republic Acts are laws passed by the Congress of the Philippines. This content is sourced from LawPhil (lawphil.net) for reference purposes. For official and authoritative texts, please refer to the Official Gazette.