MANILA -Customers of ports tycoon Enrique Razon Jr.’s MORE Electric and Power Corp. in Iloilo City got a refund of their bill deposits totaling around P4 million, the company announced.
In a statement, MORE Power said three customers formally received around P2,500 during a ceremony held in their office recently.
The remaining 841 qualified customers will receive their refund until December this year, according to MORE Power.
“Since we don’t have any intention of using [the bill deposits] for our operation, why keep it when it is already due for return, for the refund to customers?” said MORE Power president and chief executive officer Roel Castro.
A bill deposit is a payment made by a consumer at the time they applied for their own electricity service.
It is equivalent to the estimated billing for one month and is charged to consumers to ensure payment of bills.
Under the Magna Carta for Residential Electric Consumers, the Energy Regulatory Commission mandates all distribution utilities to refund the bill deposit to consumers after three years of on-time payments with no record of disconnections.
The commission noted that distribution utilities need not wait for formal applications from customers before refunding the bill deposits.
The company will continue refunding customers their bill deposits over the next few months with the amount expected to increase as more electricity consumers become eligible.
To be eligible for the refund, a consumer must have a record of at least 36 months of zero delinquencies in settling their monthly electricity bills. INQ