 |
| Financing restoration/rehabilitation of power infra damaged by calamities. |
Marinduque Rep. Lord Allan Velasco, Chairperson of the House Committee on Energy, expressed gratitude to President Rodrigo Roa Duterte for the enactment of Republic Act No.11039 into law.
The law institutionalizes the emergency and resiliency fund for Electric Cooperatives. With its passage into law, these cooperatives will be better served in the future to address the adverse effects of calamities and disasters.
Consistent with this policy, the new law seeks to assure the availability of funds for Electric Cooperatives in times of fortuitous events or force majeure. Accordingly, thirty percent (30%) of the allotted fund will be used for the electric cooperatives’ disaster prevention, disaster preparedness and disaster mitigation measures.
 |
Making it easier for electric coops to cope when disaster strikes
|
Meanwhile, sixty percent (60%) will be used for the restoration or rehabilitation of the electric cooperatives’ damaged infrastructures after a fortuitous event or force majeure. And to cap it off, ten percent (10%) will be reserved for the repayment of outstanding obligations incurred by the cooperatives for the purpose of financing the restoration / rehabilitation of their infrastructures damaged by a fortuitous event or force majeure.
Congressman Velasco hopes that the enactment of this new law will mitigate the worries and problems of Electric Cooperatives, especially during the occurrence of natural disasters such as typhoons and earthquakes.
“These are the meaningful changes that I envision as Chairperson of the House Committee on Energy,” said Velasco. “Hopefully, with the support of the Duterte Administration, more laws that will have beneficial impact on our country such as RA 11039 will be passed in the near future,” he added
 |
| Rep. Lord Allan Velasco (left) and Pres. Rodrigo R. Duterte |
