Veco partners with BDO to ease payment system

CEBU, Philippines – Visayan Electric Company (VECO) has added another payment facility through Banco De Oro (BDO) in its bid to promote further customer convenience.

VECO corporate communications manager Ethel Natera announced that VECO has partnered with BDO nationwide to accept cash and check payments for both green and red bills, even if the due date indicated on the bill has expired.

A BDO transaction receipt will be issued in return as proof of payment.

BDO joined other financial institutions that also partnered with VECO in this service, such as the UnionBank of the Philippines (UBP), Rizal Commercial Banking Corporation (RCBC), Bank of Commerce (BOC), and Metro Bank.

Other third-party collection agents include 2GO, SM, Ayala, and Gaisano South, and through ECPay's USSC (formerly RCPI)-Western Union.

BDO collection reports are electronically sent daily to VECO, Natera said so paying customers are assured that their payments made during the day are posted on VECO's records on the same day.

The bank is VECO's second partner to engage in the collection of over-the-counter (OTC) electric bill payments this year, following a deal closed with 2GO earlier in August.

"We are pleased to be partnering with the largest bank in the country. BDO's extensive branch network will provide our customers more convenient payment centers," said Natera.

The lone power distribution utility servicing from Liloan in the north and up to Naga in the South of Cebu, with a total of 294,935 consumers (and growing), had been implementing programs geared towards customer-centric operations, even announced its plan to embrace the prepaid electricity trend.

Meanwhile, VECO is still waiting for the Energy Regulatory Commission (ERC) to release its Implementing Rules and Regulatory (IRR) for its plan to offer prepaid electricity scheme.

In an earlier interview with VECO chief operating officer (COO) Jaime Jose Aboitiz, he said that although VECO has already identified the possible market to avail of the prepaid electricity scheme, which is the huge real estate sector, the company can not pursue this plan unless ERC will release the IRR.

Aboitiz said that it is still difficult for the company to take advantage of the "sachet economy" trend, as ERC still has to formulate the right IRR on this matter.           

Aboitiz said VECO has initially identified the real estate sector, especially those properties which are up for rental, to embrace the prepaid electricity offer, despite the still expensive rate of electricity meter tool, but it would take time for VECO to offer prepaid electricity at this moment.

Besides, it's not like telecommunication products, where in rates are expected to be at fixed level in the next few months, electricity rate however, is volatile and changing everyday.

In the United States, and some countries like Africa, prepaid electricity metering system has been practiced.

This time, the Philippines still has to familiarize on this new set up, although Filipino consumers are well oriented already of the pre-paid revolution.

Supposedly, VECO is going to implement this pre-paid metering system last year, but Aboitiz said the company still has to settle a lot of glitches in pushing for the implementation of the pre-paid scheme. (FREEMAN)