If government of Mindanao has its way, the residents there will now have to shell out more money for paying their electricity bills in the near future.

In a recent joint meeting of the Philippine Economic Briefing and Regional Development Council, the President Benigno Aquino III made the announcement formal stating that he does not wish to lie to the people whom he revere so much.

Reasoning the situation, Aquino emphasized that the government is left with no other option but to privatize the power plants run by National Power Corporation (NaPoCor) in Mindanao.

He added that the initiative is taken not just to refurnish the existing power-plants but also to encourage the private sector organizations to come forward and support the demand in electricity.

He further stated: “This produced a situation where we kept on selling electricity about P3 when the actual charge of generation was P5. That of course is contributory to debt that is inherited by PSALM (Power Sector Assets and Liabilities Management Corp.) and the number is daunting”.

He asserted that it is completely senseless to produce the goods only to sell them later at loss that eventually gets passed onto other people.

He assured that the concerned departments are trying their level best to figure out if anything could be done differently for the best interest of the public.

He then requested the masses to understand the situation and to cooperate with the government.