Cebu City, Philippines - About P61 million worth of meter deposit payments and interest will be refunded by the Visayan Electric Co. (Veco) to more than 20,000 customers this month.

The meter deposit refund ranges between P10 to a few thousands, said Veco spokesperson Ethel Natera.

Veco started accepting applications for refund last August.

The 22,000 customers were given until October 15 to inform Veco whether they will get the refund in cash, check, credit to future monthly billings or use it as payment for other unpaid dues.

“Those who failed to apply on or before October 15 will automatically have their refund either as credit to the November 2008 bill or against outstanding liability,” said Veco in an official statement.

Natera said “less than one percent” availed of the refund in cash. Most opted to credit the refund for the payment of their future bills.

Veco said the refund is in compliance with the resolution issued by the Energy Regulatory Commission (ERC) on June 4.

When the Magna Carta for Residential Electric Consumers was implemented in 2004, Veco stopped collecting meter deposits from its service applicants.

The Magna Carta outlines the basic rights of residential electricity consumers like the payment exemption from meter deposits and due process for disconnection and connection of electric service.

Before the implementation of the Magna Carta, all distribution utilities in the country were allowed to collect meter deposits.

In a previous interview, Veco vice president for administration and customer services group Sebastian R. Lacson said refund distribution will be implemented by Veco for the whole month of November. /Reporter Cris Evert B. Lato