Here is the updated site:
Meralco | Ang Liwanag ng Bukas
Analyzing my bill further, I noticed that Meralco's share rose a bit. I guess its what they get for implementing this. So for Meralco this is a win win program. They get more money but the consumer can save.
Its the generation charge that went down. I think, generation charge is what the power plants gets. Makes sense since if a lot of people adapt this scheme and adjust their consumption patterns, the plants may be able to maximize their efficency during off peak hours and minimize peak hour loads. Saves them fuel and increase efficency. They may even be able to keep peak plants off.