Manila, Oct. 12 -- Withholding, accounting and remittance of the 2 percent creditable withholding tax on gross remittance to generation firms and other market participants on electricity sold through the Wholesale Electricity Spot Market (WESM) has been designated to the Electricity Market Operator of the Philippines (IEMOP).

Under Revenue Regulations (RR) No. 5-2026, signed by Finance Secretary Frederick D. Go upon the recommendation of BIR Commissioner Charlito Martin R. Mendoza and published by the agency on Oct. 1, 2026, the market operator will deduct the applicable withholding tax from gross remittances before payment to generation companies and other market participants.

EIMOP will also remit the taxes withheld through the burea...