"We are conducting an ocular visit to see if the rate base they are telling us is true or not. We have to assess their assets based on their claims," ERB chairman Melinda Ocampo said.
Meanwhile, Ocampo said the ERB will continue to conduct hearings to determine the merits of the request. "They have to establish the urgency of the request before we could issue the provisional approval for the increase," she said.
Ocampo said a decision will be handed down after the May elections. Whatever the decision, Ocampo said, the increase will be lower than 30 centavos. In its entire history, ERB never granted the exact amount of increase that power utilities are asking.
Meralco’s application for a 30 centavos per kWh power rate hike was filed in April last year. The delay in the approval of the increase, Meralco said, has been affecting the company’s financial viability and its ability to get future credit line from multilateral lenders. – Donnabelle Gatdula