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Meralco filed a ₱272 billion spending plan — here’s how your credit card can fight back

Sep 1, 2026 · 3 min readBy KasKasan Buddies

Meralco’s proposed ₱272 billion capital spending program could put continued pressure on electricity costs, making utility cashback cards more valuable for Filipino households.

  • If your electricity bill has felt heavier every month in 2026, that feeling is backed by data.
  • Meralco's residential rate stood at ₱13.17/kWh in February 2026. By March, it rose to ₱13.8161/kWh. By April it climbed again to ₱14.3496/kWh. That is a ₱1.18/kWh increase in just two months — translating to roughly ₱236 more per month for a household consuming 200 kWh.
  • The April increase was driven largely by peso depreciation against the US dollar, which pushed generation charges up by ₱0.5257/kWh. For March supply, the exchange rate moved more than ₱3 to ₱60.748 — affecting nearly all of Meralco's dollar-denominated power supply agreements.

Meralco’s proposed ₱272 billion capital spending program could put continued pressure on electricity costs, making utility cashback cards more valuable for Filipino households.

  • If your electricity bill has felt heavier every month in 2026, that feeling is backed by data.
  • Meralco's residential rate stood at ₱13.17/kWh in February 2026. By March, it rose to ₱13.8161/kWh. By April it climbed again to ₱14.3496/kWh. That is a ₱1.18/kWh increase in just two months — translating to roughly ₱236 more per month for a household consuming 200 kWh.
  • The April increase was driven largely by peso depreciation against the US dollar, which pushed generation charges up by ₱0.5257/kWh. For March supply, the exchange rate moved more than ₱3 to ₱60.748 — affecting nearly all of Meralco's dollar-denominated power supply agreements.

If your electricity bill has felt heavier every month in 2026, that feeling is backed by data.

Meralco's residential rate stood at ₱13.17/kWh in February 2026. By March, it rose to ₱13.8161/kWh. By April it climbed again to ₱14.3496/kWh. That is a ₱1.18/kWh increase in just two months — translating to roughly ₱236 more per month for a household consuming 200 kWh.

The April increase was driven largely by peso depreciation against the US dollar, which pushed generation charges up by ₱0.5257/kWh. For March supply, the exchange rate moved more than ₱3 to ₱60.748 — affecting nearly all of Meralco's dollar-denominated power supply agreements.

The ₱272 billion plan that will reshape your bill through 2030:

Meralco has confirmed a capital expenditure program of ₱272 billion for the period spanning 2027 to 2030, filed with the Energy Regulatory Commission as part of its rate reset application. The plan covers ₱71.26 billion in 2027, ₱71.4 billion in 2028, ₱60.79 billion in 2029, and ₱72.94 billion in 2030.

The investments are intended to modernize Meralco's network, expand capacity, replace aging infrastructure, and deploy smart metering for more than 3 million customers. Meralco argues its distribution charge has not increased in a decade — and that the capex is necessary to maintain a grid serving one of the densest urban populations in Southeast Asia.

Alongside the capex plan, Meralco has applied for a new total distribution rate of ₱2.346 per kWh for 2027 — broken down into ₱1.8142 for distribution, ₱0.2705 for supply, and ₱0.2589 for metering charges. The company is also seeking a total revenue requirement of ₱532.12 billion for the entire 2027 to 2030 period.

The ERC rate review is expected to face a delay of one to two months beyond the July 2026 target, given the extensive coverage of the Meralco review. A final decision on the rate reset may not arrive until mid-to-late 2026.

In plain terms: infrastructure upgrades are necessary — but they come at a cost that ultimately flows through to your monthly bill. Philippine electricity rates are already among the highest in Southeast Asia, with Meralco rates having increased 5 to 7 percent annually on average over the past decade. The combination of a weakening peso, Middle East supply pressures driving generation costs, El Niño stress on the grid, and now a ₱272 billion infrastructure program pending ERC approval means household electricity costs face sustained upward pressure well beyond 2026. 

What you can do about it — starting now:

You cannot control Meralco's capex plan or the peso exchange rate. But you can control whether you earn cashback on every peso you spend paying that bill.

Here is a direct comparison of the three strongest utility cashback credit cards available to Filipino consumers today:

EastWest Visa Platinum — 8.88% on utilities

The highest utility cashback rate in the Philippine credit card market. The EastWest Visa Platinum gives 8.88% cash rewards on straight charges for utilities, department stores, restaurants, food delivery, travel, and fuel — with 0.3% on everything else. Monthly cashback is capped at ₱1,250, achievable with ₱14,000 in qualifying spend.

UnionBank Cash Back Visa Platinum — 2% on Meralco, most accessible

Gives 2% cashback on Meralco payments via UnionBank Online and up to 6% on supermarkets — up to ₱15,000 savings per year. Cashback does not expire. Requires ₱10,000 non-grocery, non-Meralco spend to unlock the higher tiers. Monthly cap ₱1,250.

Security Bank Complete Cashback Platinum Mastercard — 3% on utilities

The Security Bank Complete Cashback Platinum offers 5% on groceries, 4% on fuel, 3% on utilities, 2% on dining, and 1% on shopping. Rebates are automatically credited to your monthly bill — no redemption needed. The monthly cap is ₱1,100, or ₱13,200/year.