Meralco customers to get P1-B interest on bill deposits

MANILA, Philippines - Roughly 1.5 million customers of power distributor Manila Electric Co. (Meralco) will receive more than P1 billion as interest on their bill deposits.

In a statement, Meralco said customers whose contract anniversary with the power utility falls from January to September “will receive interest on their bill deposit this month.”

“This particular group of customers was supposed to receive their interest next year but Meralco decided to advance it in time for the holidays,” Meralco said. Customers whose contract anniversary is in November and December will also receive their interest and excess bill deposit this month.

Meralco charges its new customers varying amounts as deposit for future bills, specifically to cover potential nonpayment of bills. The amount can be redeemed once a customer terminates the services of the power distributor.

Affected consumers will be informed through letters or through their electricity bills.

In October, Meralco decided to defer the collection of bill deposits from its customers to January 2013. The company will allow a 12-month payment period for insufficient bill deposits.

Meralco earlier said that in October, only 90,000 of its customers received letters notifying them of the need to pay additional bill deposit.

Only customers who have received at least three disconnection notices or whose electric service has been disconnected in the past 12 months prior to their contract anniversary date have received notification letters.

Meralco’s consolidated customer accounts rose 3.5 percent to a record 5.16 million as of end-September as the company added 130,042 new customers this year.