Marcos quizzes INEC on quarterly refund
abs-cbnNEWS.com | 01/07/2009 1:12 AM
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Provincial Board Member Mariano Marcos II questioned the management of Ilocos Norte Electric Cooperative (INEC) on the manner of the payment of the refund ordered in the province.
Marcos said that the quarterly refund is a violation of the order of the Energy Regulatory Commission (ERC) that the refund should be made monthly. The provincial board member said this was also a travesty to the power cooperative’s consumers who were expecting a monthly refund.
ERC in 2006 reportedly ordered INEC to refund P102 million that was overcharged.
Marcos expects the issue to be probed by the Provincial Board.
INEC management however said that it would not be able to pay the refund monthly since it does not have a source of funds for a monthly payment. It said that it rely solely on collections and if it pays monthly, their other services would be affected.
INEC said that aside from the quarterly payments, it is setting aside P6 million annually so they can finish the payments within six years as ordered by ERC.
Marcos however said INEC has the capability to pay monthly as he cited the recent purchase of the power cooperative of four vehicles worth P4.5 million.
INEC said that the vehicles were needed for their operations. From a report of Monet Soriano, ABS-CBN Ilocos
