VAT proceeds to be used in reducing electricity rates

WITH the implementation of Executive Order (EO) 796 or the Industry Competitive Fund (ICF), Energy Secretary Angelo Reyes said that starting this month, heavy power users will benefit from reduced electricity rates.

The EO was in response to huge power users’ clamor to ensure that electricity rates in the Philippines is as competitive as that of neighboring countries. The Philippines has one of the highest power rates in Southeast Asia.

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