THE National Grid Corp. of the Philippines (NGCP) said has set the interest rate for defaulting customers at 14% for the second quarter.
The grid operator said in a May 5 customer bulletin on its website that the rate is based on the “highest non-prime lending rate for the current quarter among the commercial banks designated by the Transmission Provider.”
“For the 2nd Quarter of 2021, defaulting customers of NGCP shall be charged an interest rate of 14.000% following the updating of interest rates among its accredited banks,” NGCP said, referring to designated financial institutions which can receive payments from customers.
To avoid incurring interest charges, entities are encouraged to settle their bills at any BDO branch. Those who do not have access to BDO branches may pay at Land Bank of the Philippines or Philippine National Bank branches.
Customers are required to pay amounts charged on their billing statements no later than noon of the last working day of the due date, according to the National Transmission Corp.’s revised Open Access Transmission Service Rules (OATS).
“The Transmission Customer shall pay interest on any amount unpaid after the Due Date (and including amounts placed in escrow), on the daily balance outstanding for each day that the unpaid amount remains outstanding after the Due Date,” NGCP said in its bulletin, citing the updated OATS Rules. — Angelica Y. Yang