Tuesday, November 04, 2008 Veco to release P61M refund for pre-2004 meter deposits
THE Visayan Electric Co. (Veco) will provide meter deposit refund to qualified customers.
Customers’ meter deposit refund will be credited in full in their November 2008 bill. A total of P61 million, including interests incurred, is being set aside for this purpose. The amount covers meter deposits paid by some 22,000 customers before 2004.
In 2004, Veco stopped collecting meter deposits from service applicants with the implementation of the Magna Carta for Residential Customers. Prior to the said Magna Carta, all distribution utilities in the country were allowed to collect meter deposits.
The refund is in compliance with the Energy Regulatory Commission (ERC) Resolution 8, Series of 2008 (issued on June 4, 2008). While distribution utilities are given five years or 60 months to implement the order, Veco is implementing it in just one month.
Any person/entity who is the registered customer of Veco (or his/her heirs, successors-in-interest, or authorized representatives) and has previously paid the meter deposit as required by Veco, is entitled to the refund.
Veco started accepting applications for the refund last August. Customers were given the option to get the refund in cash, check, as credit to future monthly billing/s, or as an offset to other due and demandable claims that Veco may have against the customer. Those who failed to apply on or Oct. 15 will automatically have their refund either as credit to their November 2008 bill or against outstanding liability. (PR)
