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THE
Manila Electric Co. (Meralco) said Tuesday it can
accelerate and start the refund process of meter
deposits to its customers by November this year.
Similar
to previous refunds, Meralco customers have three
options for getting their refund—either through cash,
check or debit to future bills or as an offset to other
due and demandable claims against the customer.
Robert
Almazora, Meralco first vice president for customer
retail services, said on an average consumption bracket
the meter deposit will amount to P800, already inclusive
of interest and the P410 for the meter deposit principal
amount. They are optimistic of starting the
meter-deposit refund process as early as November this
year instead of January next year—as stipulated in the
Energy Regulatory Commission (ERC) meter deposit refund
guidelines.
Almazora
said of the P2.8 billion total to be refunded to Meralco
customers, P1.5 billion pertains to principal and P1.3
billion, interest. Daniel Tagaza, Meralco chief finance
officer, said the refund would not have an impact on the
bottom line of the country’s largest power distributor,
but on its cash flow.
Tagaza
said they can manage their finances with the P2.8
billion in meter-deposit refund programmed to be spread
over a five-year period.
Almazora quickly added that the refund program covers a
five-year period or 66 months, where Meralco was given
six months to prepare and 60 months to implement the
refund.
After
the 60-month period expires, according to Almazora, the
unclaimed deposit with interest will be placed in an
escrow account. “But we’re still waiting for the
guidelines for unclaimed meter deposits to be place in
an escrow account,” he added.
Almazora
said the refund will initially benefit residential
customers with the lowest consumption bracket and will
be progressively increased thereafter every month. The
refund will eventually reach corporate accounts.
He said
about 75 percent of the refund process will cover
Meralco’s residential customers, and about 25 percent,
corporate accounts. Almazora also advised Meralco
customers to wait for the notice in their electric bill
and begin preparing documents needed to claim the
refund, like their latest identification cards with
photo and signature, and the official receipt of the
meter deposit.
In a
related development, Monico Jacob, Meralco head for
regulatory management, said their lawyers have filed a
motion for judicial determination of probable cause with
the Pasig Regional Trial Court (RTC) with respect to the
estafa charges filed by the Department of Justice (DOJ).
On
Friday DOJ filed a nonbailable case at the Pasig RTC
against Manuel Lopez, Meralco chairman and chief
executive, and other Meralco officials for failing to
submit a counteraffidavit to the complaint filed by
Nasecore for its alleged failure to return to consumers
the 10-percent meter and bill deposit valued at P21
billion.
Jacob
explained that the motion aims to seek the Court’s
determination on whether there is probable cause or not.
“In
other words, the motion will just help determine if
there is a case. And the judge would determine whether
there is a case or not, and we have to wait for what the
Court will do,” Jacob said.
In its
complaint on May 29, 2008, the National Association of
Electricity Consumers for Reform (Nasecore) accused
Meralco of declaring as income, allegedly illegally,
P889 million, which represents interest from meter and
bill deposits that consumers had been paying since 1995.
Sources
noted, however, the rules on meter refund were approved
and issued by the Energy Regulatory Commission (ERC)
only on June 4, 2008.
“Considering Nasecore’s complaint was filed on May 29,
how could Meralco initiate the refund if there were no
guidelines or rules set by the ERC? It will be recalled
that even refunds have to be deemed and determined by
the ERC,” said the source, who requested anonymity.
Another
source added that regardless of how meter deposits are
used or booked on the asset portion of the balance
sheet, for as long as they are booked as noncurrent
liability, then there is no reason or cause to charge
Meralco with estafa.
Based on
ERC rules, distribution utilities are required to refund
the meter deposits not later than six months from the
refund rules’ effectivity in the case of private
distribution utilities including Meralco; and within 24
months in the case of nonstock and nonprofit electric
cooperatives.
Private
distribution utilities customers are entitled to
interest income on their meter deposits in accordance
with the rates stipulated in the rules.
Residential and nonresidential customers who paid their
meter deposits prior to the effectivity of ERB
Resolution 95-21, or “Standard Rules Governing
Electrical Power Services” promulgated on September 22,
1995, will be entitled to interest of 6 percent per
annum.
The ERC
said meter deposits paid from the effectivity of
Resolution 95-21 until the day prior to the effectivity
of the magna carta for residential and nonresidential
customers will earn interest of 10 percent per annum.
Meter
deposits paid from the effectivity of the magna carta
until the day before the start of the refund will be
entitled to an interest of 6 percent per annum. |
