Manila Electric Company (Meralco) will refund over two billion pesos to its customers, the Energy Regulatory Commission (ERC) announced on Monday.

Meralco was directed by the ERC to refund around P2.64 billion to its customers.

"To give consumers faster relief, the ERC shortened the refund period to about six months, at an average refund rate to P0.1020/kWh," it stated.

"Meralco will show the refund as a separate line item in customers’ bills labeled 'AWAT (Refund)/Collect'," the Commission added.

It noted that the "directive is contained in an Order approved by the Commission on October 9 2026 in ERC Case No. 2026- 129 RC, granting Meralco provisional authority on its true-up of distribution charges for January to June 2026, the last of the lapsed period covered by the ERC’s confirmation process."

"This confirmation process ended with the start of Meralco’s First Regulatory Period on July 1, 2026 under the Rationalized Rules for Setting Distribution Wheeling Rates (RRDWR) issued by the ERC in November 2025," it stated.

ERC chairperson and CEO Francis Saturnino Juan said "the true-up is a safeguard that makes sure what consumers pay always reflects what is fair."

"When Meralco collects more than it is entitled to, the ERC will make sure it is returned, and that it is returned quickly. By shortening the refund period to six months, we are giving consumers faster relief at a time when electricity prices remain elevated," he said.

The Commission also stressed that "the refund is provisional and is based on the ERC’s initial evaluation."

"The amount remains subject to review and verification in the Commission’s final evaluation of the application, which has been set for hearing on 16-23 October 2026, and any adjustment will be made accordingly," it stated.

The ERC ensures that it will continue to closely monitor the implementation of the refund and require monthly reporting from Meralco until the full amount has been returned. Robina Asido/PHS