Zamcelco to get refund from TMI PDF Print E-mail
Saturday, 23 March 2013 11:45

Therma Marine Inc. (TMI) has to refund to  Zamcelco the amount  of P14,252,557.

This was the decision of the Energy Regulatory Commission (ERC) on the matter of the difference “between the final and the provisionally approved rate starting from the implementation of provisional authority until the effectivity of the final rate.” 

Simply said, based  on the final rate decided by ERC of the power Zamcelco purchased in 2012 from TMI, more was paid than should have been. The excess then has to be refunded to Zamcelco by TMI.

This  decision was received  by TMI on 21 January 2013. However TMI filed  a motion for extension of compliance up to February 26, 2013. Since the refund scheme  has been finalized and the date of extension has been reached, the  refund will be implemented as ERC has ordered.

TMI may apply the Refund Amount or a portion of it to any outstanding obligation of Zamcelco to TMI. The balance of the refund amount shall be refunded by TMI to Zamcelco over a period of 12 months from the date of receipt by TMI of the order from ERC.

The intervenors in this case were the City of Zamboanga, the Industrial Group of Zamboanga, Inc., the Zamboanga Basilan Sulu Tawi-tawi  chapter of the Employers Confederation of the Philippines and the Zamboanga  Chamber of Commerce and Industry Foundation Inc.  These were represented by Atty. Bernardino Ferrer, Mr. Edgar B. Lim, Atty. Carl Andrew Rubio and Mr. Pedro Rufo Soliven, respectively.