THE Energy Regulatory Commission (ERC) has enlisted the services of consulting firm Reyes Tacondong & Co. to audit the electric cooperatives (ECs) on the use of funds for their capital expenditures, in a bid to complement the commission’s evaluation efforts, the regulator said on Wednesday.
In a press release, the ERC said that it has decided to get a third party to audit the ECs to see if they are using their reinvestment fund for sustainable capital expenditures (RFSC) in line with the commission’s rules.
“The bidding process has been completed and the contract has been awarded to the winning bidder,” ERC Chairperson and CEO Agnes VST Devanadera said of Reyes Tacondong & Co. The commission said that it awarded the contract to the chosen consultant because it submitted the highest rated and responsive bid.