August 7, 2019
Last April, we filed a petition before the Supreme Court questioning the legality of Meralco’s customer bill deposit which we described as a money-making scheme. Billions of pesos in bill deposits held in trust by Meralco, but commingled with their general funds, earn interest that is not returned to consumers. We believe this is improper and unjust as Meralco profits from money that is not theirs.
We welcome the SC order for Meralco to comment on our petition. It is our hope that the petition will be given due course and that the bill deposit returned to consumers. In 2018, we estimated that Meralco may have earned as much as P800 million in interests from the bill deposits, based on their audited financial statements. Those earnings were generated by funds that did not belong to Meralco. In 2018, it is estimated that Meralco had P29 billion in customer bill deposits held in trust for consumers.
The bill deposits also increase when the actual electricity bill is higher than the previous deposit paid. This is another injustice.
It is high time this unjust imposition be struck down and the deposits returned to consumers. ###