Metro Manila, Philippines — The Energy Regulatory Commission (ERC) has ordered Meralco to refund ₱9.5 billion in overrecoveries to more than eight million customers, equivalent to an average refund rate of ₱0.3448 per kilowatt-hour (kWh).

The total refund amounts to ₱9,506,566,556.

The refund scheme and implementation period shall be within six (6) months or until such time that the amount of over recovery shall have been fully refunded to its customers,” the ERC said in its July 31 decision.

According to the ERC, the refund covers pricing adjustments arising from collections made during the lapsed period from January to December 2025.

“Considering that MERALCO collected the over recovery during the regulatory years covered by the Lapsed Period, the Commission finds it prudent to include the interest cost in the computation of the total refund of MERALCO relative to the instant case,” the ERC said.

From January to June 2025, the refund amounted to ₱4,689,435,330, with interest totaling ₱258,172,954.

Meanwhile, the refund for July to December 2025 amounted to ₱4,321,065,606, with interest of ₱237,892,666.

The ERC said the refund rate of ₱0.3448 per kWh will be applied to Meralco customers based on the utility’s forecast electricity sales from July to December 2026.