PSALM demands payment of P15.01 B arrears from 2 electric coops,1 private firm

Department of Finance

The Power Sector Assets and Liabilities Management Corp. (PSALM) has sent final demand letters to two electric cooperatives and a private corporation to compel them to pay over P15.01 billion-worth of combined overdue electricity bills and other charges that remain unpaid despite repeated collection notices sent to them.

PSALM president-CEO Irene Besido Garcia said the bulk of these unpaid obligations was incurred by the Lanao del Sur Electric Cooperative, Inc. (LASURECO), which, as of May 31, 2021 owed P11.98 billion in overdue power bills and another P10.37 million in unremitted universal charge (UC) collections, excluding late remittance of interest charges, or a total of P 11.99 billion.

Garcia has also sent a final demand letter to the Albay Electric Cooperative (ALECO) to settle its obligations amounting to P3.01 billion, of which P2.99 billion are unpaid electricity bills and P25.67 million are unremitted UC collections.

Waterfront Airport Hotel and Casino (WAHC) also received a final demand letter for its unpaid power bills amounting to P24.99 million, as of April 2021.

“These are long overdue accounts, some dating back more than 10 years ago. Fairness and equity dictate that these firms pay for the electricity that they had consumed just like other consumers who pay their electricity bills on time,” Garcia said.