MANILA -- Consumers' electricity bills could go down by the fourth quarter under a new law that spares them the burden of paying off P450 billion in debts of the National Power Corp, a lawmaker who pushed for the measure said Friday.
Before the "Murang Kuryente Act," consumers paid a portion of the debt every month, listed in their bills as "universal charge." President Rodrigo Duterte signed the law in early August and the finance and energy departments have 90 days to draft implementing rules.
"This is the first law that will help consumers save on their electricity bills," said Sen. Sherwin Gatchalian, who sponsored the measure. He credited Sen. Ralph Recto as the "brains" of the law.
A household consuming 200 kwh per month can save P170 to P190 per month once the universal charge is removed, Gatchalian said.
Napocor's debts will be paid off with revenue from the Malampaya gas field and proceeds from the sale of state power assets that were sold through PSALM or the Power Sector and Liabilities Management Corp, he said.