Republic Act No. 11371, or known as the Murang Kuryente Act, was signed by President Rodrigo Duterte on August 8, 2019, and became effective fifteen (15) days after its publication in the Official Gazette on August 23, 2019.
Under that law, electricity consumers will not pay the stranded debts and stranded contract costs of the National Power Corporation and its successor, the Power Sector Assets and Liability Management Corporation.
Consumers at the moment pay in their electricity bill the stranded debts of four centavos per kwh, and for the rest of the corporate life of PSALM , another estimated eighty six centavos per kwh.
Exactly a year ago, Laban Konsyumer Inc. filed a Petition with the Energy Regulatory Commission to immediately implement the law and stop PSALM from passing on to the consumers all forms of stranded debts and costs to the consumers. This Petition is pending resolution.
By TED CORDERO, GMA News
Published January 1, 2021 12:23pm Government-owned or -controlled corporations (GOCCs) remitted a total of P160.62 billion to the Bureau of the Treasury (BTr) as of December 15, 2020, according to the Department of Finance (DOF). In a statement, the DOF said the GOCCs’ remittances will help fund the government’s continuing efforts to curb the spread of COVID-19 and provide economic relief to pandemic-hit businesses and individuals. Of the P160.62-billion remitted to the Treasury, P133.50 billion represents the cash dividends from 55 GOCCs as mandated under Republic Act (RA) No. 7656 or the Dividends Law. The RA 7656 requires GOCCs to remit at least 50% of their net earnings to the National Government (NG).
Today, I give you pain. Tomorrow, who knows?
For industry players in the energy sector, that’s their tale of woe this year given decimated top and bottom lines with demand crash on energy commodities. Onward, uncertainties hold sway.
At the height of the lockdown period in March-May, the Department of Energy (DOE) announced that fuel demand plummeted by 60 to 70%; and the sector is still on sluggish recovery. Homogeneously, power demand also went down by up to 30% at the height of the pandemic’s whip during the summer months.
On investments’ terrain, it wasn’t a comfortable narrative for this administration to see the exodus of deep-pocketed investors in the sector. In March, it was American energy giant Chevron Corporation’s disengagement in the multi-billion Malampaya project after unloading its 45% stake to Udenna Corporation of businessman Dennis Uy. Coming in next is the anticipated exit also of Shell Philippines Exploration B.V. (SPEX), the project operator, in