(Eagle News)—A bill that reduces electricity rates has been approved by the bicameral conference committee.
The Murang Kuryente Act seeks to tap the Malampaya Fund to pay the debts incurred by the National Power Corporation and the Power Sector Assets and Liabilities Management Corporation, thereby reducing universal charges.
The Senate version had sought to allot the government’s share from the Malampaya fund to a special trust fund to be administered by PSALM, which will be included in the General Appropriations Act.
Both the Senate and House versions of the bill said that the net national government share shall accrue to the special fund for exploration and development if the debts have been paid before the termination of the corporate life of PSALM.
“This would mean that for a household which consumes 200 kWh per month, makakatipid sila ng P170 per month which is worth four kilos of rice,” Senator Sherwin Gatchalian, author of the Senate version, said.
The bill is slated to be transmitted to President Rodrigo Duterte for his approval.
