Meralco ordered to refund P19.95-B to customers; Fitch upgrades Landbank’s viability rating
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NewsTranscript
00:00In other news, Meralko was ordered to refund billions of pesos to its customers.
00:05These and other stories in tonight's business wrap up by Denise Osorio.
00:11The Energy Regulatory Commission or ERC has ordered Meralko to refund 19.95 billion pesos
00:17to customers for excess charges from July 2022 to December 2024. The refund will be spread over
00:25three years starting April 2025 and will appear on bills as AWAT refund or collect.
00:31Customers will see an average reduction of 0.11 centavos per kilowatt hour
00:36with households getting 0.19 centavos per kilowatt hour.
00:42State-owned Land Bank of the Philippines received a higher viability rating from Fitch Ratings,
00:47reflecting its stronger financial position and growth outlook. Fitch upgraded Land Bank's
00:52viability rating to BBB plus and reaffirmed its long-term issuer default rating at BBB
00:58stable and government support rating at BBB. The bank's profitability is expected to improve
01:04as credit costs decline with economic growth and lower interest rates.
01:09Denise Osorio for the National Television Network for a new and better Philippines.