Pampanga—(PHStocks)—SFA Semicon Philippines Corp. (PSE: SSP), formerly Phoenix Semiconductor Philippines Corp., took payment of PhP11.44 million representing part of its receivables of the company’s discounted electricity incentive granted under Presidential Executive Order No. 856 and its Lease Agreement with Clark Development Corp. (CDC).
This amount is the seventh partial reimbursement of the government through CDC of the power discounts for electricity utilized and fully paid by SSP since the commencement of its commercial operations in 2011.
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.
The collection will increase the company’s cash and cash equivalents by approximately $226,000.00.