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VECO to renegotiate contracts with power suppliers

TO REDUCE power rates in Cebu, the Visayan Electric Co. (VECO) will be holding a Competitive Selection Process (CSP) for power supply agreements and renegotiate contracts with some of its power suppliers.

VECO’s move came after the Mandaue Chamber of Commerce and Industry (MCCI) asked the power utility firm to help the business sector get back on its feet by slashing electricity rates through renegotiation of power contracts.

“We understand the difficulties that our customers are facing now that we are in a pandemic and the Visayan Electric management has decided that this is one way of helping our customers, both the public and business sectors,” VECO President and Chief Operating Officer, Engineer Raul Lucero, said.

Steven Yu, president of MCCI, welcomed VECO’s response to their calls.

“We hope to deliver what is best for the Cebuanos especially with the pandemic ravaging our economies and businesses. We will work to make our business landscape as competitive and as conducive to doing business as much as possible,” Yu said.

VECO’s electricity rate for the month of February is at P10.41 kWh. Lucero said they will initiate the CSP ‘as soon as all documentary requirements are ready’.

MCCI will also participate in the CSP as the Third Party members of the Bids and Awards Committee, Yu said.

“This is part of our effort to make our process transparent. We are always willing to work with our stakeholders in unpacking their concerns and finding a reasonable solution,” Lucero said.

Yu said they accepted the invitation of VECO to participate in TPBAC (Third Party Bids and Awards Committee) to help attain the objectives of transparency in the process.

Veco supplies electricity to major cities and localities in Cebu such as the cities of Cebu, Mandaue, Talisay, Naga, and the towns of Liloan, Consolacion, Minglanilla, and San Fernando.