Philippine state-owned power corporation Napocorp is seeing its losses fall in the wake of last September’s rate rise of P0.98/kWh (€¢1.4/kWh).

According to estimates from the Power Sector Assets and Liabilities Management Corporation (PSALM), the adjustment is expected to cut group losses to P106.1 billion (€1.52 billion) compared with forecasts of P114.2 billion (€1.63 billion) for financial year 2004.