LOWER ELECTRIC BILL | House okays use of Malampaya fund to lower electricity bill
2 months ago
JANUARY 22, 2019 — The House Commitee on Energy has approved the use of the Malampaya fund subsidy to lower electricity charges of consumers under the “Murang Kuryente” bill.
If approved by both houses of Congress, the subsidy will give consumers savings worth P120 each month.
“Ang initial computation namin, it will bring down electricity rate almost 50-65 centavos per kilowatt hour. ‘Yung average family na nagko-consume ng P200 per month, kung mapapababa will translate to P120 monthly savings,” House Committee on Energy Vice Chairman Carlos Roman Uybarreta said.
The cut will be shouldered by the Malampaya fund and will be used to pay the distribution utility costs and unpaid financial obligations of the National Power Corporation (NPC) under its contract.
“Iyon po ang subsidy na binabayaran natin lahat. Iyon po ang tumataas kaya kinakain lang ang pagbaba ng transmission distribution and generation cost,” Uybarreta said.
At present, the government still has P221 billion from the Malampaya fund which the House committee plans to maximize for the country’s power reserves.
“Ang sinasabi natin ay expand hanggang sa 2023 ang isa subsidize more or less. May matitira pa at gusto namin ibigay rin sa exploration. We need to look for additional wells kasi nagda-dry up na ang Malampaya,” Uybarreta added.
The Malampaya Fund comes from the Malampaya Gas Project which draws natural gas from Philippine waters.