MANILA, Philippines – Manila Electric Co. (Meralco) and mass housing developer 8990 Holdings Inc. have teamed up for the mass roll-out of prepaid electricity in horizontal housing projects.
In a statement, both companies said they have signed a memorandum of agreement (MOA) to install prepaid retail electricity in Bella Vista, one of 8990’s housing projects under its Deca Homes brand.
Meralco chairman Oscar Reyes said Bella Vista is the first private subdivision enrolled in prepaid electricity service.
Incorporated in a differentiation strategy, the partnership with Meralco allows the developer to provide power payment option to its end-users to fit their lifestyle, 8990 Holdings president and CEO JJ Atencio III said.
“It makes good business sense because the developers are not paying for the service deposit and meter costs. Plus, incorporating prepaid electricity into our business model also eliminates non-core, administrative tasks,” he said.
For the power distributor, the partnership should signal a new wave of innovation in the real estate sector, Meralco vice president and head of corporate business group Victor S. Genuino said.
“Our prepaid retail electric service has been one of the most impactful products we’ve rolled out that improves the business efficiency of real estate developers,” he said.
Bella Vista residents can have real-time monitoring of how much electricity is used through SMS notifications.
They can also make budget-sized purchases of electricity by loading in denominations of P100, P200, P300, P500 and P1,000 from retailers, including neighbourhood stores.