Electricity cost in PH now most expensive in Asia
(SPOT.ph) House deputy speaker Lorenzo Tañada announced yesterday, July 27, that the Philippines now has the highest cost of electricity in Asia at P8.14 per kilowatt hour, reports the Philippine Star. According to Tañada, the Power Sector Assets and Liabilities Management Corp. (PSALM) wants to pass on to the public P134.9-billion worth of loans and expenses accumulated from 2007 to 2010.
A few years back, the National Power Corp. (Napocor) was privatized to pay for PSALM’s loan yet according to the speaker, the latter still "literally wallows in debt, amounting to some $16 billion." What makes matters worse for the government and taxpayers is the fact that the agency continues to incur huge amounts of operating losses, Tañada said. He also said that PSALM wants the public to pay for P1.16 billion worth of consultancy fees in 2009 and bonuses to officers and employees equivalent to 5.5 months of basic salary.
Tañada also warned that the cost will continue to increase. He is appealing to the House of Representatives and the Senate to investigate both PSALM and the Energy Regulatory Commission.