Consumer advocacy group, United Filipino Consumers and Commuters (UFCC), cautions that the high electricity costs will put off investors.
In a Manila Standard report, UFCC President Rodolfo Javellana made the statement after the Manila Electric Company (MERALCO) announced that power rates would increase by around 57-centavos per kilowatt-hour (kWh).
MERALCO iterated that the increase was required to recover the 45-centavo growth in generation costs that commenced last month, but due to this, foreign investors whom the Philippines is trying to scout are hesitant about the business opportunities because of restricted power rates.
The UFCC chief further added that Congress should dismantle laws that permit monopolies in electric utilities as well as revise the Electric Power Industry Reform Act or EPIRA of 2001 to lower the electricity charges in the country, promoting a more favorable investment environment.
