Manila, Oct. 31 -- Residential and commercial consumers in Iloilo City enjoyed a significant reduction in their electricity rate this October.

Utility provider More Electric and Power Corp. (MORE Power) on Friday said the decrease of PHP1.35 per kilowatt-hour (kWh) brought the residential rate to dive to PHP11.087/kWh from PHP12.44 in September.

The commercial rate, meanwhile, went down to PHP10.405/kWh from PHP11.760.

This is the first significant reduction since a hike in rate was experienced starting in July, mostly attributed to the high generation charge.

A hike of PHP0.09/kWh was imposed in August, PHP0.27 in August and PHP1.56 in September.

"Last month, power rates increased because of a series of yellow alert statuses issued ...