When did making money become so “demonized?” NGCP assistant vice president Cynthia Alabanza aired this sentiment on Thursday after senators questioned the hefty payouts that its owners have been getting. | MAgerINQ
“You know that fat pay check I thought was a little bit unfair because industry wise, we’re just at the level,” she said over ABS-CBN News Channel’s “Headstart” TV program.“Again, when you talk about dividends, if you look at the prevailing law, you’re not supposed to retain dividends. You’re supposed to give it out. In fact, you will be penalized if you retain dividends beyond your paid up capital.
The NGCP official had explained during the hearing that their profits “are taken from retained earnings which have accumulated over the years.” On the company’s billion-peso dividends, Alabanza said it is also important to look at their billion-peso capital expenditures.“If you just take out a couple of zeros, you put in P300 and you earn, let’s say a P180, this is not so bad. But you know the connotation of billions that makes it seem so unacceptable. But in proportion, this is not unusual,” she claimed during the interview.
“And it’s because you know we operated the transmission system as best as we can. We make it efficient and we have run the business in a way that we’ve made it profitable from that time that government had it prior to privatization,” she explained.
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