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Philippine President Confident of Senate Nod on Power Bill
President Gloria Macapagal-Arroyo Sunday expressed confidence that the Senate would endorse a bicameral conference committee report on a controversial power reform bill next week.
"We are looking forward to a ratification in the Senate on Monday," she said in a press statement.
Once passed by the Senate, the Omnibus Power Bill only needs the signature of the president to become a law, which aims at restructuring the debt-ridden National Power Corporation (Napocor).
In a meeting with legislators last week, President Arroyo said she could not over-emphasize the urgency and significance of the bill.
"We must restructure the power industry once and for all, stop the billions of pesos of service payment for Napocor indebtedness and free scarce government resources for pro-poor projects, reduce power rates for end-users and attract more investors to the country," she said.
Aside from freeing the government in paying Napocor's debts totaling 6.5 billion U.S. dollars, the government said, the power sector reform bill also ensures adequate and cheap electricity for consumers.
The Philippines has one of the highest power rates in Asia, with Thailand, Malaysia and Indonesia already offering cheaper electric bills to consumers.
The bill has met strong opposition from militant groups, who claimed the privatization of the Napocor will add to their burden as the company's debts will not be absorbed by its buyers.
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