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Manila Bulletin devider Business devider DOF: New tax breaks for electric coops to benefit consumers, expand access

DOF: New tax breaks for electric coops to benefit consumers, expand access

Published Dec 20, 2024 06:47 am

Filipinos may soon experience relief from the additional burdens linked to paying electricity bills as the Department of Finance (DOF) and the Department of Energy (DOE) have signed a joint memorandum circular (JMC) granting tax exemptions to qualified electric cooperatives (ECs).

According to DOF, this move is also expected to accelerate the expansion of electricity access to all Filipinos. 

“This is a major step towards achieving our goal of 100 percent total electrification in the country. The savings that qualified ECs gain from this initiative can be passed on to consumers, empowering them to invest more and provide an affordable and reliable power supply for generations of Filipinos, especially in underserved communities,” DOF Secretary Ralph G. Recto said. 

The JMC, backed by the League of local government units (LGUs), was drafted with input from key energy and local government stakeholders to address concerns raised during budget deliberations.

It outlines how ECs can access preferential rights under the Local Government Code in accordance with RA No. 10531, which strengthens the National Electrification Administration (NEA).

“All non-stock or non-profit ECs registered with the NEA and stock electric cooperatives registered with the Cooperative Development Authority (CDA) are exempted from local taxes, fees, and charges imposed by LGUs,” the DOF stated.

All electric cooperatives must obtain an annual compliance certificate from the NEA, meeting at least 75-percent rating of the agency’s financial and operational standards.

This includes ensuring high collection efficiency, positive net worth, compliance with system reliability and loss standards, holding annual assemblies and elections as scheduled, completing electrification projects for full customer connection, and submitting timely reports to the NEA.

The JMC tasks the Bureau of Local Government Finance (BLGF) with distributing the circular to LGUs, alongside monitoring their compliance, and providing technical assistance.

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