Section 12Sec./Art. 12

Section 32 of Presidential Decree No. 269, as amended, is hereby further amended to read as follows:

"SEC. 32. Registration of All Electric Cooperatives. All electric cooperatives may choose to remain as a non-stock, non-profit cooperative or convert into and register as: (a) a stock cooperative under the CDA; or (b) a stock corporation under the SEC, in accordance with the guidelines to be included in the IRR of this Act.

"Such choice shall carry with it the attendant requirements of compliance with the laws and regulatory guidelines governing the respective government agencies having jurisdiction over their registration.

"Regardless of the choice made, the NEA shall have the authority over electric cooperatives, whether stock or non-stock, to require the submission of reportorial requirements as may be necessary relative to their operations as electric distribution utilities including, but not limited to:

"(a) Monthly Financial and Statistical Report (MFSR);

"(b) monthly separate MFSR. Monthly Engineering Report (MER) and barangay and sitio electrification report fear electric cooperatives on grid with isolated area/s served by NPC-SPUG;

"(c) monthly status of barangay and sitio energization and house connections;

"(d) monthly Institutional Services Department (ISD) report;

"(e) monthly Performance Standard Monitoring Report (PSMR);

"(f) monthly summary of complaints received and acted upon;

"(g) monthly report on compliance with the Grid and Distribution Code:

"(h) Monthly Engineering Report (MER);

"(i) quarterly report on power supply contracts;

"(j) annual work plan;

"(k) annual Distribution Development Plan (DDP);

"(l) five (5)-year investment plan submitted annually;

"(m) annual Cash Operating Budget (COB);

"(n) audited financial statements;

"(o) annual Collective Bargaining Agreement (CBA) or Collective Negotiation Agreement (CNA); and

"(p) copy of Capital Expenditure (CAPEX) and Operating Expenditure (OPEX) plans.

"Likewise, the supervisory and oversight functions of the NEA, as may be detailed in this Act and its IRR, shall be applicable to both stock and non-stock cooperatives.

"Electric cooperatives which register with the CDA shall continue to enjoy the benefits under this Act.

"Existing electric cooperatives may likewise opt to register as stock corporations with the SEC; Provided, however, That electric cooperatives registered with the SEC shall no longer enjoy the incentives provided for in this Act.

"Despite the registration of the electric cooperatives under the CDA or the SEC, the NEA shall retain its supervisory and disciplinary power over them in the conduct of its operation as electric distribution utilities."