The five electric cooperatives are 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 said the agency will conduct loan condonation hearings in Tacloban to issue the final authority to the five cooperatives.
He said 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.
The ERC chief said they are also speeding up the resolution of 49 more EC loan condonation cases scheduled for hearing on or before Sept. 9.
He said about 20 more applications of ECs are set for hearing in the next few weeks.
"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.
Sanchez said the ERC is mandated to ensure a reduction in the rates of electric cooperatives commensurate with the resulting savings due to the condonation of their rural electrification loans.
The amount of rate reduction ranges from P0.0121/kwh to P0.7642/kwh, depending on the amount of loans condoned.
For purposes of transparency, the law requires that the approved reduction in rates will be reflected as a separate item in the consumers’ electric bills.