THE National Grid Corp. of the Philippines (NGCP) said it will charge defaulting customers an interest rate of 11.5% for the three months to December.

In the grid operator’s Oct. 7 customer bulletin posted on its website Thursday, it said the updated rate is “based on the highest non-prime lending rate for the current quarter among the commercial banks designated by the Transmission Provider.”

The new interest rate follows “the updating of interest rates among its accredited banks,” referring to the financial institutions accredited to receive payment from NGCP customers.

The NGCP added that its interest rate for the fourth quarter of 2021 is 2.5 percentage points lower than the third quarter interest rate. 

To avoid incurring interest charges, the NGCP advised its customers to settle their outstanding bills on or before noon of the due dates of their billing statements.

Citing the Open Access Transmission Service Rules of the National Transmission Corp., the NGCP said in the bulletin that any amounts that remain unpaid after the due date will be charged interest daily until the balance is settled. — Bianca Angelica D. Añago