MANILA, Philippines - Power was restored in Iriga City and five municipalities in Camarines Sur around 10 a.m. Wednesday, a day after they were cut off from the grid due to unpaid debts.
Energy Secretary Jericho Petilla said the Camarines Sur Electric Cooperative (CASURECO 3), the power supplier and local officials have agreed on a way for the cooperative to pay off its over P100 million debt.
Petilla said the cooperative will pay off its debt in three tranches.
"The agreement was that if they can't pay up right now, at some point they have to pay. In this case, there were 3 tranches of payments and the first was about P32 million and post-dated checks were given for 18 days. Then another tranche of P40 million for 3 months and then upcoming power bill is due October 25. that's again going to be paid on a staggered basis. It's more of an agreement how existing debt will be settled," he said. - ANC