MANILA, Philippines — The Senate on Tuesday ratified the measure which seeks to help ease consumers’ electricity expenses.
The measure states that the P207-billion Malampaya Fund will be used to pay off the stranded contract costs and stranded debt of the National Power Corporation (Napocor), helping consumers who provide a share in paying the debts through universal charges.
“The bicameral conference committee has come up with a reconciled version of the bill that will prevent further increases in our electricity bills caused by the universal charge for stranded contract costs and stranded debts,” Senator Sherwin Gatchalian, head of the Senate committee on energy, said during the ratification of the measure at the Senate.
Once implemented, the measure will provide savings for power consumers.
For instance, a household consuming 200 kilowatt hours per month would save P169.48 per month or P2,033.76 annually.
“It is high time for the Filipino people to receive tangible benefits from the Malampaya Fund. With the approval of this measure, the government share realized from the Malampaya Natural Gas Project will end up lowering retail power rates for millions of consumers across the country,” the senator earlier said in a statement.
The Malampaya Fund comes from the government’s profit shares in the Malampaya natural gas project off Palawan province since 2002.
Once ratified by both the Senate and the House of Representatives, the measure will be sent to Malacanang for President Rodrigo Duterte’s signature. (Editor: Eden Estopace)