(Eagle News)–President Rodrigo Duterte has signed into law a measure that seeks to bring down electricity rates in the country.
Under Republic Act 11371, or the “Murang Kuryente Act,” a portion of the net national government share from the Malampaya natural gas project is allocated for the payment of the “stranded contract costs and stranded debts” of the National Power Corporation.
At present, the debts of Napocor have been transferred to and assumed by the Power Assets and Liabilities Management Corp., and are being charged to customers.
The Department of Budget and Management shall ensure the “timely release” of the amounts allocated and appropriated to the PSALM “in accordance with its debt and independent power producer payment schedule,” the law said.
The act shall take effect 15 days after its publication in the Official Gazette or in a newspaper of general circulation.