Manila, Feb. 19 -- President Ferdinand R. Marcos Jr. has authorized the grant of real property tax (RPT) relief to Independent Power Producers (IPP) operating under the Build-Operate-Transfer (BOT) contracts with government-owned or -controlled corporations (GOCCs).

Executive Order (EO) 83, inked by Marcos on Feb. 13, reduces and condones RPTs and penalties assessed on power generation facilities of IPPs, to consolidate the government's fiscal efforts, stabilize energy prices, and avoid further cross-defaults and significant economic losses across all sectors.

Under EO 83, the IPP's real property, including any special levies accruing to the Special Education Fund on property, machinery and equipment used by IPPs for power production un...