The National Power Corporation (, also known as Napocor, NPC or National Power) is a Philippine government-owned and controlled corporation that is mandated to provide electricity to all rural areas of the Philippines by 2025 (known as "missionary electrification"), to manage water resources for power generation, and to optimize the use of other power generating assets. Prior to the deregulation of the power industry on March 1, 2003, as a result of the implementation of the Electric Power Industry Reform Act (EPIRA) law or Republic Act 9136 one year and nine months earlier on June 8, 2001, NAPOCOR/NPC was a vertically integrated power utility engaged in the production, transmission and distribution of electric power, used to be the largest provider and generator of electricity in the Philippines, and served as the operator and owner of the Philippine power grid and its related facilities and assets from its creation on November 3, 1936, until the turnover of operations, maintenance, and ownership of the grid to another government-owned corporation, National Transmission Corporation (TransCo), in March 2003. It was also the principal power provider for Manila Electric Company (Meralco), the only power distributor in the Metro Manila area and its nearby provinces (including all towns or cities such as Santo Tomas, Batangas on some of their respective provinces that cover the Meralco franchise). Napocor used to be the country's largest corporation in terms of revenue. Profitability however is a main concern now because it is in the business of missionary electrification that provides electricity to far-flung, off-grid remote areas and islands at subsidized rates. As a government owned and controlled corporation, Napocor is subject to the scrutiny of the Commission on Audit (COA) and the Governance Commission for Government Owned and Controlled Corporations (GCG). It also manages 17 large dams and 11 watersheds in the country and continues to oversee the privatization of the government's remaining undisposed power assets. As of December 2015, NPC has a total of 1,735 megawatts of generating capacity, which includes 345 MW of small generators in small islands and off-grid locations and 1,390 MW in hydroelectric power plants and independent power producing plants in the main grids. History Creation The National Power Corporation was originally organized as a non-stock, public corporation under Commonwealth Act No. 120 approved by President Manuel L. Quezon on November 3, 1936. The law nationalized the hydroelectric industry and reserved for the use of