ERC rules on loan condonation of 5 more ECs

The Energy Regulatory Commission (ERC) has ruled on the applications of five (5) more electric cooperatives, bringing to 28 the total of ECs given a provisional authority to cut down on their electricity rates. The five electric cooperatives are as follows: Leyte II Electric Cooperative (LEYECO II), Eastern Samar Electric Cooperative (ESAMELCO), Leyte V Electric Cooperative (LEYECO V), Samar II Electric Cooperative (SAMELCO II), and Biliran Electric Cooperative (BILECO).
ERC Chairman Manuel R. Sanchez recently ordered Executive Director Fructuoso C. Lagunzad, Jr. to conduct the loan condonation hearings in Tacloban City. The purpose of said hearing is for ERC to issue final authority to the five cooperatives, namely: Leyte II Electric Cooperative (LEYECO II), Eastern Samar Electric Cooperative (ESAMELCO), Leyte V Electric Cooperative (LEYECO V), Samar II Electric Cooperative (SAMELCO II), and Biliran Electric Cooperative (BILECO).

Chairman Sanchez said that all consumers of electric cooperatives throughout the country will experience a reduction in their electricity bills as a result of writing off the electric coops’ loans.

ERC is fast tracking the resolution of 49 more EC loan condonation cases scheduled for hearing on or before September 9, 2003. Twenty more applications are still to be set for hearing.

“I am happy to note the increasing enthusiasm of ERC personnel to conclude all loan condonation cases at the earliest possible time in spite of the Commission’s limited resources, to bring the benefit of a lower electricity rate to countryside customers,” Sanchez said. He is currently pushing for ERC’s fiscal autonomy to give the agency the flexibility to accelerate the completion of the Commission’s other projects.

July 16, 2003