Probe of Meralco should include ‘deposit fees’ for meters
Philippine Daily Inquirer
First Posted 02:37:00 05/16/2008
I support Sen. Miriam Defensor- Santiago’s move to investigate Manila Electric Co. (Meralco). I suggest that she also investigate where the “deposit fees” for electric meter goes, not only why power rates are soaring. Meralco has been collecting these fees but without ever giving back to its consumers the interests earned from such deposits.
On March 5, 1992, I wrote to a columnist to point this out: “Depending upon the size of the service entrance conduit applied for by a consumer, Meralco requires a meter deposit of P410 for half-inch entrance conduit; P490 for 1.5-inch entrance conduit; and P710 for two-inch entrance conduit.
Aside from this, Meralco also requires a minimum deposit of P200 from each consumer: Assuming (it could even be more) that there are 260,000 households or consumers who make a deposit of P410 for the half-inch entrance conduit, plus the P200 deposit, Meralco easily collects P158 million. And I am not even speaking of consumers making a deposit of P490 and P710. If this amount is deposited in a bank earning, say 10 percent per annum, Meralco really hits the jackpot!
The irony of it all is that Meralco does not give the consumers the interest earned. Meralco claims that the interest earned plus the amount of deposit made is refundable only when the consumer decides to have his electric service terminated. But no consumer, in his right mind, will decide to terminate his electric service just to avail himself of his share of the interest earnings.
“And in the remote possibility that he gets his share of interest earnings, he will have to re-apply for the same electric service and will have to make the necessary deposits all over again. Meralco must release, yearly, individual checks corresponding to the consumers’ deposit fees, which I repeat, legally belongs to them, for as long as the electric service contract is in force.”
It’s time we supported Senator Santiago in her investigation of Meralco’s greed. The leftists, the rightists, the United Opposition, the Hyatt 10, the Black & White Movement, etc. keep blaming President Gloria Macapagal-Arroyo for the high cost of living. I now challenge these noisemakers, who keep on criticizing the initiatives of the Arroyo administration without offering constructive solutions, to investigate Meralco in search of the truth. In fact, media must be the first to support the senator.
BERNARD PACHECO (via email)
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