MORE readies bill deposit refund to over 700 customers
‘Since we have no intention of using or retaining these funds for our operations, it’s only fair to promptly return them to our customers.’
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Daily Tribune‘Since we have no intention of using or retaining these funds for our operations, it’s only fair to promptly return them to our customers.’
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MORE Electric and Power Corp. — Iloilo City's exclusive electricity provider owned by the group of businessman Enrique K. Razon Jr. — is on track to complete an industry-leading bill deposit refund to more than 700 additional customers by the end of the year.
In a press statement on Wednesday, the company said about 175 customers have already received their bill deposit refunds since the program started in June.
P5M this year
MORE Power has readied about P5 million this year for the program. To date, it has successfully returned a total of P539,000 bill deposits to all eligible customers.
"Since we have no intention of using or retaining these funds for our operations, it's only fair to promptly return them to our customers," MORE Power's president and CEO Roel Z. Castro said.
The Bill Deposit is a payment by the consumer by the time they apply for their electric service.
ERC-mandated
The refund of the bill deposit is mandated by the Energy Regulatory Commission or ERC to all distribution utilities, may it be private or electric cooperatives.
This was stated in Article 7 of the Magna Carta for residential electric consumers, promulgated by the ERC, where they should refund the bill deposit after three years or 36 months of paying on time and with no record of disconnection.
Zero-emission electric shuttle service
Recently, MORE Power announced that it invested around P40 to P45 million to launch an innovative zero-emission and fully electric shuttle service in the city.
MORE Power collaborated with SM City Iloilo to launch 10 initial units of electric buses last 15 September, each costing around P4 to P4.5 million.
The shuttle service offers an initial route from the city hall to the Ceres Northbound Terminal, stopping at various SM locations from Monday to Saturday.
