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LANDBANK’s ANTI-BILL SHOCK Lending Program: Easing the Burden of Rising Electricity Costs

LANDBANK’s ANTI-BILL SHOCK Lending Program: Easing the Burden of Rising Electricity Costs

As the dry season approaches, so does the anticipation of warmer temperatures and increased power consumption. Recognizing the impact this can have on households, the Land Bank of the Philippines (LANDBANK) has launched an innovative initiative to cushion consumers from paying higher electricity bills. Let’s delve into the details of the ANTI BILL SHOCK Lending Program and how it aims to provide relief to Filipino households.

What is the ANTI BILL SHOCK Lending Program?

The ANTI BILL SHOCK Lending Program, introduced by LANDBANK in April 2023, is designed to address the incremental increase in power costs faced by electric distribution companies. Here’s what you need to know:

  1. Objective: To assist electric distribution companies while protecting consumers from sudden spikes in their electricity bills.
  2. Financing: LANDBANK provides financing to electric distribution companies at concessional rates, ensuring no additional spread on their working capital.
  3. Spread-Out Approach: The program allows distribution companies to spread out the incremental increases in customer billings over up to nine months. Importantly, this cost is not passed on to consumers who may struggle to pay the full amount immediately.

How Does It Work?

  1. Concessional Financing: Electric distribution companies can access funds from LANDBANK at favorable rates, enabling them to manage their working capital effectively.
  2. Anti-Electric Bill Shock Measures: Borrowers are required to implement an anti-electric bill shock program. This ensures that consumers are shielded from the expected surge in electricity bills during the hot summer months.

Why Is This Program Important?

  1. Consumer Relief: By preventing sudden price surges, LANDBANK aims to give consumers more breathing room to pay their energy bills.
  2. Capacity Building: The program also strengthens the capacity of energy players to provide sufficient, accessible, and reasonably-priced electricity nationwide.

Launch and Collaborations

  • Date: The ANTI BILL SHOCK Lending Program was officially launched on April 14, 2023, at the LANDBANK Plaza.
  • Key Partners:
    • Energy Regulatory Commission (ERC) Chairperson Atty. Monalisa C. Dimalanta
    • National Electrification Administration (NEA) Deputy Administrator Leila B. Bonifacio

In Conclusion

The ANTI BILL SHOCK Lending Program exemplifies a whole-of-government approach, where various stakeholders collaborate to find solutions for consumers. LANDBANK’s commitment to supporting electric cooperatives and easing the burden on Filipino households is commendable. As we brace for the summer heat, this program serves as a beacon of relief for all. 🛡️🔒

For more information, visit the LANDBANK website.


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