The Energy Regulatory Commission (ERC) expressed support to the Land Bank of the Philippines’ Anti Bill Shock program which is expected to mitigate the impact of high electricity rates.
ERC said the program provides a credit facility to distribution utilities (DU) to help augment their working capital, especially during summer months when, historically, a spike in consumers’ electricity consumption occurs.
Last week, Landbank launched the program which is also known as the assistance to narrow and trim down incremental power cost increase via bridge financing initiative of Landbank to lower and spread-out hot summer-triggered monthly consumption on consumers’ electricity.
ERC said the program will specifically help DUs cushion the spike in electricity generation and distribution expenses due to high electricity demand as well as spread out incremental increases on the monthly bills during summer months to mitigate its significant impact on the consumers’ electricity bill.
In turn, the program will provide relief to consumers by providing options in the payment schemes of their bills, through installment or payment on a staggered basis.
Monalisa Dimalanta, ERC chairperson, in a statement, said the program is a good example of a “whole-of-government approach” in the energy sector as it bridges the private financing sector in finding solutions to provide relief to consumers.
