The Philippine Electricity Market Board (PEM Board) has the power and duty to oversee and monitor the activities of the Market Operator and the System Operator to ensure that they fulfill their responsibilities under the WESM Rules, and are acting in a manner consistent with the WESM Rules.
For this purpose, market audits and performance monitoring on the Market Operator and review on metering arrangements are conducted on a regular basis with the PEM Audit Committee (PAC) as the oversight. To implement these responsibilities, the PAC engages independent external auditors through PEMC.
In particular, the PAC has managed the conduct of various operational audits on the systems and procedures of the Market Operator and metering arrangements review on WESM and retail Metering Services Providers (MSPs). The PAC's oversight on these activities are in accordance with their responsibility over market audits under the Market Rules and Manuals, including the validation of the Market Operator Performance Reports pursuant to the Market Operator Performance Standards (MOPS).