Ultra bilyonaryo Enrique Razon-led MORE Electric and Power Corp. announced that it has successfully returned a total of P539,000 in bill deposits to all eligible customers as of the end of September.
MORE Power, Iloilo’s distribution utility, said that 175 customers had already received their bill deposit refunds since the program’s commencement in June 2023.
“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 President and CEO Roel Z. Castro said.
Under Article 7 of the Magna Carta for Residential Electricity Consumers, a customer who has paid their electric bills on or before the due date for three consecutive years may request a full refund of their deposit even before the termination of their service.
MORE Power is proactively reaching out to customers for their bill deposit refund. Eligible customers are notified through a letter attached to their bills, eliminating the need for them to initiate the refund process.
“We consistently go the extra mile to inform eligible customers about the refund process,” Castro said.
The company anticipates processing a total of P3.3 million in bill deposit refunds for 777 customers by the end of this year. This ensures that all eligible customers receive the refunds they are entitled to.