Republic of the Philippines
aBouse of 3kepr€Sftttattoeg
Quezon City
NINREENTH CONGRESS
First Regular Session
House Bi||'`No.    6424
Introduced by
Represerdatwe Zra Alorito Adiong
Represen±afiue YasseT Alorcko Bdindang
PHITRECA Pa;rty-fist Represe:rticrfiue Presle:g a. De Jesus
APEC Party-I;±st Represerita;flue Sergio C. Dagooc
AV ACIT
PRoVIDING FOR THE corvDOHATloH op THE OVEREUE powER
AccouNTs BT THE LARAo DEL SUR ELECTRlc coopERATrvE, INc.
(LASUREC0| FROM THE POWER SECTOR ASSETS & LIABILrlTIES
MANAGEMENT CORPORATION (PSAI;M| INCLUDING THE PRINCIPAL
AMOUNT, UNPAID ]RTBRESTS, PENALTIES, AND UNREMITTED
UNIVERSAL CHARGES
The bill seeks to provide for the condonation of the Interests, Surcharges,
Penalties  and  Universal  Charges  incuITed  by  the  Lanao  del  Sur  Electric
Cooperative, Inc. (LASURECO) payable to the Power Sector Assets and Liabilities
Management Corp (PSALM).
Accumulating  since  the  year  2009  up  until  present  day,  including
Universal Charges,  LASURECO's overdue accounts payable for its power bills
now amounts to a total of Thirteen Billion sixteen million one hundred eighty-
nine  thousand  five  hundred  sixty-one  pesos  and  thirty-one  centavos  (Php
13,016,189,561.31). As regards to the Interest accumulated, the total interest
due  contributes to as much as frve  billion eight hundred  seventy-six rnillion


twenty-eight    thousand    sixty-three    pesos    and    forty-flue    centavos    (Php
5,876,028,036.45)
In the same time span, LASURECO was able to pay PSALM a total amount
Ninety-F`ive Million Nine Hundred Sixty-Two Thousand F`ive Hundred Nine Pesos
and Fifteen Centavos (Php 95,962,509.15) which was applied to the incurred
interests, surcharges, and penalties. However, due to burden of arrearages and
the absurd amount of interest that has accumulated throughout the years, it
would be impossible for LASURECO to pay for the total amount due. The inability
to pay for the entire alnount has restricted LASURECO to render efricient service
and provide a regular supply of electricity to the province of  Lanao del Sur.
Henceforth,  it is sought that the  total amount paid  by  LASURECO  be
applied to the principal obligations due and that all the interests, surcharges,
penalties on the principal obligation, as well as the universal charges due that
have accrued until the effectivity Of this act shall be condoned.
In view of the foregoing, the approval of this bill is eamestly sought.
PRESLEY C. DE.ESUS                      REP. SERGI
#S             REP.SEREI#. DAcOOC
'H,RECA Pcutg-list Represeutatwe              APEC Pcutg-fist Represeutafive


Republic of the Philippines
jBott£€  of 3Rcpr€g€«trtto€g
Quezon City
NINETEENTH CONGRESS
First Regular Session
House Bi||`No.   6424
Introduced by
Rapreserl±crfiue Zkira AloIT±o Adinng
Represerdafiue Yasser Alorfro Baltndong
PHH,RECA Party-fist Represerdatwe Prestey C. De Jesus
APEC Pcutg-Iist Rapreseutafiue Sergio C. Dagooc
AV Aor
PROVIDING FOR THE CONDONATION OF THE OVERDUE POWER
AcCouNTs BT THE LAVAo DEL sun ELECTRIc CoopERATrvE, INc.
|LASURECO) FRORI THE POWER SECTOR ASSETS & LIABILITIES
MANAGEMENT CORPORATION |PSALM| INCLUDING THE PRINCIPAL
AMOUNT, UNPAID INTERESTS, PENALTIES, AND UNREMITTBD
uNlvBRSAL cEIARGrs
Be it erected dy t:he Sera±e a,nd t:he House Of Represerda:fives Of the Philippines in
Co:ngress crssemhied:
1                SECITION 1. Short "tha -This Act shall be referred to as the "Lanao del
2      Sur Electric cooperative, Inc. (LASURECO) Condonation Act of 2022".
3                SECTION   2.   Deczanrfuon   a/  P®1icgr.   -  The   State   shall   pursue   a
4     comprehensive rural electrification program, including the provision of electric
5     services  in  srfu.os  and  remote  households,  as  a  strategy  to  provide  more
6     opportunities for improved quality of life, greater access to basic services and
7     better  infrastructure  for  rural  development.  To  further  accelerate  access  to
8     electricity services by the country's unelectrified communities and  strengthen
9     and integrate efforts on rural electrification, the State shall provide subsidies
10     and  grants  to  the  distribution  utilities,  particularly the  electric  cooperatives,
11     pursuing sitio electrification projects in their coverage area.


1               SECTION 3.  coztde"rfeor. o/ Prfrtcipaz cmpgndon. -The accumulated
2     principal obligation by the Lanao del sur Electric cooperative, Inc. (LASURECO)
3     payable to the Power Sector Assets and  Liabilities Management Corp (PSALM)
4     beginning from the year 2009  until the effectivity of this Act,  may be hereby
5     condoned or restructured within a period not exceeding fifteen (15) years.
6           _   SECFTION  4.  Condo"rfuan  Of Interests,  Ssureha.nges,  Peiunrmes  and
7     I/nilrersaz  Chanyes.  -  All  interests,  including  surcharges,  penalties  on  the
8     principal obligation, as well as the universal charges incurred by the Lanao del
9     Sur Electric Cooperative, Inc. (LASURECO) payable to the Power Sector Assets
10     and Liabilities Management Carp (PSALM) beginning from the year 2009 until
11     the effectivity of this Act, in whatever accumulated amount or sum of interest
12     and  surcharges  as  there  may  be  are  hereby  condoned,  thereby  perpetually
13     relieving LASURECo from payment thereof of all interests, surcharges, penalties
14     and universal charges that may have been accumulated.
15                 The amount paid in the sum of Ninety-F`ive Million  Nine Hundred Sixty
16     Two   Thousand    F`ive    Hundred    Nine    Pesos   and    F`ifteen    Centavos    (Php
17     95,962,509.15),  which was  applied  in  payment  of interests,  surcharges,  and
18     penalties, shall be applied to, and deducted from the principal obligation instead.
19                 SECITION 5. ELflTeetiutty Chaltse. -This Act shall take effect fifteen (15)
20     days after its publication in the official Gazette or at least 2 (two) newspapers of
21     general circulation.
2:2.      Approued,