Invitation to comment on the Second Draft of the Asset Valuation Guidelines for Privately Owned Distribution Utilities Subject to Perform - Based Regulations (Draft Guidelines)

Notice is hereby given of the "Second Draft of the Asset Valuation Guidelines for Privately Owned Distribution Utilities Subject to Performance - Based Regulations (Draft Guidelines)."

All interested parties may submit their last round of comments (in both hard and soft copy) on the Draft Guidelines for this second posting not later than July 28, 2006. Electronic copies may be sent to tariffsrates@erc.gov.ph.

The Draft Guidelines may be photocopied at cost, during regular office hours at the ERC Main Office, Pacific Center Building, San Miguel Ave., Pasig City or may be downloaded from the ERC website at www.erc.gov.ph.

Draft Guidelines

July 21, 2006

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