President Gloria Macapagal-Arroyo considers the latest reduction in power rates as a classic example of the country's economic gains flowing down to the people, a press release from Malacañang said.

She said the Filipino people are finally harvesting the seeds of fiscal discipline and good governance that the government has planted.

"The cut in power rates is part of the great story of economic gains flowing down to the people. This is a timely harvest on the seeds of fiscal discipline and good governance that we have planted in the field of optimism and hope," she said in a statement. The President pointed out that this is a clear and compelling reason for all Filipinos to stay the course and not be distracted "by the pullback of destructive politics."

Energy Regulatory Commission chairman Rodolfo Albano, Jr. said that the National Power Corporation power rate reduction by eight centavos per kilowatt-hour will apply to the Feb. 26 to March 25, 2007 billing period. The reduction, he said, could go up by 18 centavos in the next 10 months. Energy Secretary Raphael Lotilla said all payments made by Napocor for the importation of oil had been reduced due to the stronger peso. *

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