The ratio of bad news to good news that ordinary people consume every day is around 9 to 1. This means that 90 percent of the news we get from media sources is negative. Things get more alarming when we include social media, where we are being overwhelmed by negative and fake news. Journalists seem blind to the good things happening in this country because these events don’t sell newspapers. That’s why negative news trumps good news all the time. When you watch the evening news on TV, for example, you always run the risk of ingesting unpleasant things, such as crime and all forms of violence.
Here’s a whiff of fresh air to drub the negative things coming our way: Just recently, a series of good news affecting the lives of millions of power consumers almost went by unnoticed because of the ongoing Marawi siege and the Resorts World Manila attack, among others. For two months in a row the Manila Electric Co. (Meralco) reduced power rates. These reductions came on the heels of the power company’s announcement of a P7-billion refund. Meralco said consumers must expect to see on their June and August billings a refund of P0.79 per kilowatt-hour (kWh). This came about after the approval by the Energy Regulatory Commission of the utility firm’s petition to refund the over-recoveries for the previous year.
Meralco’s announcement of a significant reduction in power rates for the month of June was certainly good news, especially because it came following an earlier power-rate reduction in May of P0.29 per kWh, which means that a household that consumes 200 kWh saves up to P58. For the month of June, Meralco said electricity rates went down up to P2 per kWh. This means that households consuming 200 kWh get to save about P300 for the month of June. Meralco said that, while electricity rates went down previously only up to P1 per kWh, the reduction in June reached P1.43 per kWh.
Meralco Spokesman Joe Zaldarriaga said the June power-rate reduction is the second lowest since December 2009, thanks to the significant cut in generation charges in the spot market and from the power plants where Meralco sources its power supply.
Manufacturers also benefit from Meralco’s decision to cut rates. This gives producers a good opportunity to ramp up production of essential goods while electricity rates are low. This means lower overhead and operational costs, something they can pass to consumers in the form of lower prices of manufactured products.
As schools open in June, Meralco could not have chosen a better month to give consumers a pleasant news, considering how hard it is to budget limited funds for myriad expenses, like tuition fees, school supplies, books and other school needs. This looks like a little Christmas bonus in June because consumers who spend less money on electricity will have more money to throw at other expenses. For example, the minimum P300 savings in their June bill can buy them several kilos of rice.
The series of good news from Meralco, which is tantamount to putting more money in the pockets of its customers, fortunately coincides with the first year anniversary of the Duterte administration. We hope this will inspire the government to fast track programs seeking to help the poor and ensure the effectiveness of reforms and other needed actions to achieve national financial-inclusion goals.