Meralco to give interest payments to customers this month

Business World Online

Posted on December 07, 2012 07:54:17 PM

SOME CUSTOMERS of the Manila Electric Co.(Meralco) will receive the interest that their bill deposit earned said the utility yesterday, which announced that it will give out the interest payment this billing month.

Around 1.5 million customers -- those whose contract anniversary with Meralco falls from January to September -- will receive the interest payment this December instead of next year, the distribution utility said in a statement.

“This particular group of customers was supposed to receive their interest next year but Meralco decided to advance it in time for the holidays,” the statement said.

Joe Zaldariagga, Meralco spokesperson, said that the 1.5 million are mainly residential customers who have sufficient bill deposits.

“It will be implemented through credit to bill, starting this month,” he said.

Meanwhile, Meralco customers whose anniversary falls in November and December will also receive the interest payment on top of the excess of their bill deposits, Meralco said.

Mr. Zaldariagga explained that those whose contract anniversaries fell in October already received the excess in their bill deposit and the interest payment.

The utility said it would inform customers that will receive the interest through letters or notices in their electricity bills. 

Last month, Meralco announced that it would collect the upward adjustments in the bill deposits on a 12-month staggered basis starting January next year.

A bill deposit -- provided under the Magna Carta for Residential Electricity Consumers issued in 2004 and the Distribution Services and Open Access Rules for Residential and Non-residential Consumers -- is based on the estimated average monthly electricity use of a consumer when he applies for a connection.

Under this scheme, the utility is allowed to charge an additional amount -- or provide a refund -- every 12 months thereafter, based on the difference between actual average monthly consumption and the initial estimate.

Shares of Meralco, which reported last month that its net income grew 37% to P13.6 billion as of September, shed P0.8 or 0.30% to P262.4 on Friday from P263.2 on Thursday. 

Beacon Electric Asset Holdings, Inc., which has the biggest stake in Meralco, is partly owned by the Philippine Long Distance Telephone Co (PLDT). Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a minority stake in BusinessWorld. -- Claire-Ann Marie C. Feliciano    source