Year to date, however, Meralco shares have fallen by 13.9%, underperforming the PSEi’s 3.9% gain and the industrial sector’s 5.7% decline. The Energy Regulatory Commission on July 31 ordered Meralco to refund P9.5 billion to customers over six months. Mr. Ondap said the P8.7-billion recovery should not be netted against the refund because the two sit in “entirely different brackets.” Mr. Baylon said both the refund and the cost recovery are “regulated pass through and distribution tariffs,” which are unlikely to affect the company’s bottom line. Mr. Teodoro said the 3.8% growth in the company’s core income gave Meralco room to absorb the refund without hurting its full-year results.