Sen. Sherwin Gatchalian. INQUIRER.net file photo / Nestor Corrales
MANILA, Philippines — A bicameral conference committee on Thursday approved the Murang Kuryente bill, which seeks to reduce the cost of electricity in the country.
The Murang Kuryente bill aims to source government shares on the Malampaya fund to pay the debts of the National Power Corporation (NPC) that is now being charged to consumers’ monthly electricity bill.
Senator Sherwin Gatchalian, who is the chair of the Senate committee on energy, said that if enacted, the bill would enable consumers across all sectors to save up to P1 per kilowatt/hour (kwh).
“Malaking bagay ito. Almost one peso ang matitipid natin sa ating mga consumers at kung ang isang ordinary consumer, nagcoconsume ng 200 kilowatt/hour, almost P170 ang matitipid niya kada buwan,” Gatchalian said in a press conference.
The bill aims to lessen the energy universal charge by removing the Stranded Contract Costs and the Stranded Debts. These charges will be shouldered by the P208 billion Malampaya fund.
The senator said the Malampaya natural gas fund is expected to earn P22 billion this year and in 2020. This should be enough to pay the debts of the National Power Corp. (Napocor) and the Power Sector Assets and Liabilities Management (PSALM), which amounted to P466 billion.
He added that around 16 million households will benefit from this if the measure is enacted into law.
The senator, however, clarified that only 60 to 70 percent of the Malampaya fund would be utilized and the remaining will be allocated for energy-related projects.
The bicameral conference report has yet to be ratified by Congress before it can be transmitted to President Rodrigo Duterte for his signature.
Gatchalian said the measure is expected to be implemented from 90 to 120 days once signed into law. /jpv
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