Households will have to tighten their belts in September as Meralco announced higher electricity rates for the month
The country's largest power distributor said it would increase rates by P0.3907 per kilowatt-hour (kWh) to P9.9365 per kWh this month, citing the higher cost of buying electricity.
MORE ON ECONOMY:
How to Budget P1,000, P500, P100 for Food as Inflation Soars
How to Save When Inflation Burns Your Money's Worth
Here's Your Complete Guide to Buying an Aircon
This is equivalent to a bill increase of around P78 for a typical household consuming 200 kWh.
The increase comes after Meralco lowered power rates for two consecutive months.
Meralco also cited the depreciation of the peso for the rate hike since it buys electricity in U.S. dollar.
The Philippine peso on Wednesday plunged to a new record low of P57.135 against the greenback according to the Bankers Association of the Philippines.