THE Energy Regulatory Commission (ERC), expressed support to Landbank’s Anti shock program, which provides a credit facility to distribution utilities (DUs) to help augment their working capital, especially during summer months where, historically, a spike in consumers’ electricity consumption occurs.
In a statement, ERC Chairperson and CEO Atty. Monalisa Dimalanta said that with their efforts to mitigate the impact of high electricity rates, they expressed their to support the Land Bank of the Philippines Assistance to Narrow and Trim down Incremental Power Cost Increase via Bridge Financing Initiative of Land Bank to Lower and Spread out HOt summer-triggered Monthly Consumption on Konsumers’ Electricity or Anti-bill shock Lending Program.
On April 14, 2023, the Landbank launched its anti-bill shock program which provides a credit facility to distribution utilities (DUs) to help augment their working capital, especially during summer months where, historically, a spike in consumers’ electricity consumption occurs.
The ERC said that during the summer season, consumption patterns spark higher electricity demand which result to an increase in market price.
The anti-bill shock Lending Program will reportedly help the DUs cushion the spike in electricity generation and distribution expenses due to high electricity demands.
This will enable the DUs to spread out incremental increases on the monthly bills during summer months, thereby mitigating its significant impact on the consumers’ electricity bill.
This will provide relief to consumers by providing options in the payment schemes of their bills, through installment or payment on a staggered basis.
“The ERC extends its deepest gratitude to the Land Bank of the Philippines for responding to the call for help in ensuring the availability of sustainable and affordable energy for electricity consumers,” Chairperson Dimalanta said.
“I commend the LANDBANK, under the leadership of President Cecilia Borromeo, for witnessing with us great possibilities for public service when the right people come together at the right place and time,” she also said.
Catherine R. Cueto