Phl leads world in rush to solar

People in the Philippines are flocking to install solar power on rooftops and escape the burden of soaring electricity prices, making it the world’s biggest spender on solar panels since the war in Iran started.

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Top power distributor Manila Electric Co. or Meralco has raised prices by 10 percent since the Middle East conflict began in late February. Now, a median household spends around 12 percent of monthly income on electricity, assuming it consumes 200 kilowatt-hours - approximately the monthly average for three people.

The Philippines is one of the few countries in Southeast Asia with barely any power subsidies, and its residential power prices are the highest in the region. Only Singapore comes close, but its citizens' average purchasing power is nearly 13 times higher.