BAGUIO CITY – The 1,969 member-consumer-owners (MCO) of the Benguet Electric Cooperative (BENECO) who have paid in full their minimum capital share (CS) contribution will soon enjoy a “power subsidy.”
The subsidy, which will be credited or reflected in their power bills, comes from the interest of the share capital which BENECO deposited or invested with a bank that guaranteed a premium yield account.
The interest covered the period September to December 2023. This will be distributed to the MCOs who have paid their capital share contribution of PhP2,000.
The resolution, entitled 2024-64 “Resolution Approving the Declaration and Distribution of Power Subsidy to Members who Paid their Share Capital.” The Task Force passed the measure during its meeting on April 26, 2024.
Those who paid PhP2,000 will enjoy the power subsidy. Those who paid more than the required minimum share capital will enjoy a proportionately higher subsidy.
The 1,969 MCOs who will enjoy the power subsidy have paid in full the PhP2,000 minimum share capital contribution. About 1046 of them paid exactly PhP2,000 each while 923 have each paid more than PhP2,000 while a total of 42,627 members each paid below PhP2,00.00.
“For consumers who have yet to complete their capital share contribution, their power subsidy will be put on hold until they have completed their share capital. This is why we encourage them to complete at least their minimum contribution of PhP2,000,” explained Benelita Linmipao, BENECO’s accounting officer.
For those members who have not paid any share capital, they will not be entitled to any subsidy, she said.
BENECO has more than 144 thousand members, more than half of which has yet to pay their share capital or complete the minimum capital share contribution.
BENECO management opted to invest in a premium yield account what it has collected as share capital pending the completion of the 25% paid up capital pursuant to the cooperative law. Around PhP32.6 million has been collected since October,2021.
