President Rodrigo Duterte has approved a measure that will reduce the cost of electricity and a law creating the Philippine Space Agency.
Republic Act No. 11371 or the “Murang Kuryente Act” aims to source government shares on the Malampaya fund to pay the debts of the National Power Corp.
The debts were now being charged to consumers as reflected in monthly electricity bills.
Based on the new law, P208 billion of the proceeds from the net national government share from Malampaya fund will be utilized for the payment of stranded contract costs and stranded debts transferred to and assumed by the Power Sector Assets and Liabilities Management Corp.
Meanwhile, Republic Act No. 11363 or the “Philippine Space Act” will establish the Philippine Space Agency expected to foster nationalism while contributing to the development of space technology.
Under the new law, the country will focus on space applications that will preserve and enhance national security.
It will also develop space applications to formulate hazard management and disaster mitigation strategy.
The new laws were signed on August 8 but copies were shared with the media only on Tuesday.