3rd party to review Meralco refunds

MANILA, Philippines — The Energy Regulatory Commission (ERC) has tapped a third party to conduct a review on the refunds to be made by Manila Electric Co. (Meralco) to its customers.

Roxas Cruz Tagle and Co. was awarded the contract for the Meralco audit after having submitted the highest rated and responsive bid. It is a Philippine member firm of BDO International Ltd., the fifth largest professional network of public accounting, tax and advisory firms worldwide.

“Our bids and awards committee (BAC) has already completed its bidding process and has awarded the contract for the ‘Procurement of Consulting Services for the Audit and Verification of the Meralco Refunds’ to the bidder that submitted the highest rated and responsive bid and which has also complied with all the legal, technical, and financial requirements for the said procurement project,” ERC chairperson and CEO Agnes Devanadera said.

The ERC decided to engage the services of an independent party to verify whether Meralco’s refunds have been fully accounted for, returned or credited to its customers’ accounts.

The power regulator said it deemed it prudent to engage the services of a consultant, who has the technical expertise and capability to conduct an independent audit and verification of all the refunds of Meralco, considering the limitations of its existing organizational structure and manpower complement vis-à-vis its expanded mandates in regulating and transforming the electric power industry.

In previous years, the ERC ordered Meralco to refund the bill deposit, meter deposit and income tax that it collected from its customers.