Tuesday, November 24, 2020

Gatchalian Flags DOF: Look For Addt’l Funds For Murang Kuryente Act, Spare Taxpayers

Gatchalian Flags DOF: Look For Addt’l Funds For Murang Kuryente Act, Spare Taxpayers

Spotlight

Legislators Take Steps To End Child Marriage In The Philippines

Because of the increasing cases of child marriage in the last 6 months, Philippine legislators have recently united to end child marriage in the country.

Tanza Receives School Building From SM

SM Prime, through SM Foundation, formally turned over a two-story, four-classroom school building to Punta Elementary School (PES) in Tanza, Cavite on November 20, 2020

Amid Rising Suicides, A Province Acts To Bolster Mental, Emotional Health

Iloilo province’s “Isip Kalasag” initative aims to combat the rising cases of suicide in Iloilo by “developing, training and capacitating mental health warriors."

World Vision Relief Ops To Cagayan And Isabela Underway

World Vision continues its various relief efforts for communities in Cagayan and Isabela province that have been severely affected the recent typhoons.

Senator Win Gatchalian has put to task the Department of Finance (DOF) in providing for sufficient budget and in sparing the taxpayers from being choked by new borrowings to fund next year’s obligations of the Murang Kuryente Act.

Gatchalian learned that less than 20 percent or only P8 billion of the P46 billion requested by the Power Sector Assets and Liabilities Management (PSALM) Corporation in their 2021 budget was allocated by the DOF for next year’s implementation of the Murang Kuryente Act.

As a result, PSALM will have to resort to borrowing for the additional P38.4 billion and taxpayers will bear the brunt of covering the P5.45 billion borrowing cost, the senator was told during the recent budget deliberations of PSALM’s 2021 budget.

“That is not the spirit and intention of the law. We have to request the DOF to seriously look into this because the P5.45 billion is a hefty amount. If we will be incurring additional costs then it will still be passed on to the taxpayers because PSALM will need to borrow,” the Senate Energy Committee Chairman commented.

“The law intends to save interests and borrowing costs but obviously that is not happening in this case,” Gatchalian added.

The Murang Kuryente Act spares consumers from paying the universal charges for stranded contract costs (UC-SCC) and stranded debts (UCSD) in their electricity bills. But each household is still paying P0.0428 per kilowatt hour for UCSD that should be removed, according to the senator, citing that the law states that P208 billions of proceeds from the Malampaya natural gas project will be used to pay for the two items.

The stranded contract costs are the excess of the contracted cost of electricity under eligible independent power producer contracts over the actual selling price of the contracted energy output while stranded debts are those unpaid financial obligations of the National Power Corporation which have not been liquidated by the proceeds from the sales and privatization of its assets.

“Consumers will not see it in their electricity bill. But indirectly, it’s also the taxpayers who will be paying an additional P5.45 billion through one way or the other. You can always argue that it’s one pocket to the other,” Gatchalian said.

Latest News

Legislators Take Steps To End Child Marriage In The Philippines

Because of the increasing cases of child marriage in the last 6 months, Philippine legislators have recently united to end child marriage in the country.

Tanza Receives School Building From SM

SM Prime, through SM Foundation, formally turned over a two-story, four-classroom school building to Punta Elementary School (PES) in Tanza, Cavite on November 20, 2020

Amid Rising Suicides, A Province Acts To Bolster Mental, Emotional Health

Iloilo province’s “Isip Kalasag” initative aims to combat the rising cases of suicide in Iloilo by “developing, training and capacitating mental health warriors."

World Vision Relief Ops To Cagayan And Isabela Underway

World Vision continues its various relief efforts for communities in Cagayan and Isabela province that have been severely affected the recent typhoons.

Historic Iloilo City Plaza To Get New Look Next Year

Iloilo’s historic Plaza Libertad will have a new look before 2021 ends!

3,500 Villagers Targeted For Mass Covid-19 Testing In Cagayan

Priority targets include families with active cases, flood victims, front-liners, health workers and responders.

Borongan City Farmers Get 800 Sacks Of Quality Rice Seeds

A total of 800 sacks will be distributed o early planters in Borongan City in Eastern Samar.

Holding Of Misa De Gallo Depends On IATF Decision: Labella

Will the traditional Misa de Gallo be also cancelled due to the existing curfew policy in the city?

House Approves BFP Modernization Bill On Final Reading

Expect a better and modernized Bureau of Fire Protection as the House approves on final reading House Bill 7406.

PRRD Hails Saudi Removal Of Restrictions On Foreign Laborers

Good news! Under the LRI, foreign workers in Saudi Arabia will be allowed to transfer to another employer without the current employer’s consent upon contract expiration.