(Eagle News)–Senator Sherwin Gatchalian on Sunday, Sept. 2, urged the passage of legislation that would allow the use of the P207-billion Malampaya fund.
In making the call, Gatchalian noted that the ₱207-billion fund, initially intended to fund the exploration, development, and exploitation of energy resources, has remained largely unused since 2001.
Gatchalian noted that under the Murang Kuryente Act which he is sponsoring he aims to “minimize, if not completely eliminate, the universal charges for stranded contract costs and stranded debts.”
He noted that consumers have “long been made to share the burden of paying National Power Corporation’s (Napocor) debts through the universal charge for stranded debts and stranded contract costs paid in the monthly electricity bill.”
Proof of this, he said, was that power consumers shelled out ₱0.1938 per kilowatt hour from January 2013 to May 2017.
In June 2017, he said Filipino household started paying ₱0.2203 per kilowatt.
“It is high time for the Filipino people to receive tangible benefits from the Malampaya Fund. With the approval of this measure, the government profits realized from the Malampaya Natural Gas Project will end up producing more affordable retail power rates for millions of consumers across the country,” he said.