Metro Manila (CNN Philippines, August 9) — Energy security is crucial for economic growth in various sectors especially in the regions, according to an official of the Philippine Chamber of Commerce and Industry (PCCI).
In a briefing in Davao City on Wednesday, PCCI Vice President for Mindanao Arturo Milan said prospective investors always ask about the power situation in an area before deciding to do business.
“Energy usage drives economic activity, its state greatly impacts our health services, infrastructure, education, transportation, connectivity and even increasing digitalization of many aspects of our economy,” Milan said.
“Each and every one of these industries will require a consistent, uninterrupted power supply. For this reason, it is imperative that we attain reliable and affordable power for everyone,” he added.
Milan noted that there are a lot of bright spots for development in sectors like transportation, infrastructure, healthcare, education, and agriculture.
“The aspect of energy security must be constantly present. Otherwise, all these bright spots in our economy will not be possible. More so if the country demonstrates the lack of secure, reliable, and affordable energy it will lead the country to an uncompetitive situation compared to our neighboring countries,” he said.
In his second State of the Nation Address last month, President Ferdinand Marcos Jr. detailed the government’s push to increase energy production and vowed total electrification of the country by the end of his term in 2028.
Economic managers are hopeful Davao City and the whole Mindanao will be vital in the Philippines’ continued growth following the COVID-19 pandemic.
Finance Secretary Benjamin Diokno said economic development in the region will be spurred by continued improvements in infrastructure. He noted that 76 of the 194 high-impact infrastructure projects are in Mindanao.
“From infrastructure to tourism to clean energy, the island of Mindanao is uniquely positioned to power the country’s economic progress and lead our transformation journey in the years ahead,” he said.
Transportation Secretary Jaime Bautista, meanwhile, highlighted the Laguindingan Airport upgrade, the Mindanao Railway Phase 1, and Davao Public Transport Modernization Program as major projects. He said he believes improvements in infrastructure will also attract more tourists and investors.
