Lanao power co-op to settle P12.9-billion arrears with PSALM

THE National Electrification Administration (NEA) said the Lanao del Sur Electric Cooperative, Inc. (Lasureco) has committed to settle its outstanding balance of P12.9 billion with the Power Sector Assets and Liabilities Management Corp. (PSALM).

In a statement on Tuesday, the NEA confirmed that Lasureco met with PSALM on June 8 along with other local government officials to discuss its payments in arrears.

NEA said Lasureco will submit a letter of commitment to PSALM that will outline its payment plans.

NEA Administrator Emmanuel P. Juaneza said that he will ask the NEA Board of Administrators about possible financial assistance that may be extended to Lasureco.

Lanao del Sur Governor Mamintal Alonto Adiong, Jr. also asked PSALM to defer Lasureco’s power supply disconnection.

“Governor Adiong also committed to discussing with the municipal mayors of the province how they can help Lasureco pay its obligation to PSALM and asked PSALM for three months to carry this out,” the NEA said.

“Lanao del Sur shall call for another meeting with PSALM, Lasureco, NEA, and Department of Energy, among others, to come up with a resolution for the matter arising from the recently concluded meeting on the concerns of Lasureco and other stakeholders,” it added.

The NEA said in a separate statement on Tuesday that Maguindanao Electric Cooperative, Inc. (Magelco) has committed to restructure its arrears with the National Grid Corp. of the Philippines (NGCP).

The NEA confirmed that Sultan Kudarat Governor Suharto T. Mangudadatu will improve Magelco’s services as a prerequisite to the restructuring, adding that the financial program needs to be further developed.

Magelco had over P3.8 billion worth of unsettled payables at the end of April. The cooperative has settled only P45.5 million of the P147.2-million power bill for the December 2021 to April 2022 period.

As of June 10, the NEA said that the NGCP has officially deferred the disconnection after receiving the proposal submitted by Magelco. — Revin Mikhael D. Ochave