Philippine House Speaker Ferdinand Martin G. Romualdez has proposed that the newly-formed Maharlika Investment Corporation (MIC) invest in the National Grid Corporation of the Philippines (NGCP), following extensive power outages in Western Visayas.
In a statement on Friday, Romualdez emphasized that this strategic investment could enhance infrastructure, reduce electricity costs, and bolster economic growth.
The suggestion comes amid ongoing power disruptions in Iloilo City and several Western Visayas provinces since January 2. Romualdez cited Iloilo City Mayor Jerry Treñas’s concerns about NGCP’s response to the blackouts, arguing that MIC’s involvement could improve NGCP’s efficiency, energy security, and accountability.
The MIC, responsible for managing the Maharlika Investment Fund (MIF) — Philippines’ first sovereign wealth fund — is chaired by Finance Secretary Benjamin Diokno. The MIC Board convened on January 3 to deliberate on issues including the Fund’s capitalization and potential investment opportunities.
Romualdez is confident that investing in the power sector will yield significant national benefits, such as cheaper electricity and increased attractiveness for foreign investment.
MIC President and CEO Rafael Consing Jr. backed Romualdez’s proposal, recognizing NGCP’s vital role in the nation’s power infrastructure and overall socio-economic stability. Consing emphasized that an investment in NGCP by Maharlika would facilitate tackling complex energy challenges, foster renewable energy integration, and enhance grid efficiency.
He highlighted that such collaboration could lower energy costs, stimulate business growth, create jobs, and promote sustainable economic development. Consing, however, noted the necessity for thorough due diligence and maintaining transparency and accountability throughout the investment process.
Consing concluded that investing in NGCP signifies an investment in the Philippines’ future, aiming for energy independence and sustainable economic prosperity.
BusinessNews.ph
