Metro Manila (CNN Philippines, January 6) — The Maharlika Investment Corp. (MIC) said it is open to the idea of investing in the National Grid Corporation of the Philippines (NGCP) after residents in Western Visayas grappled with power supply problems this week.
A Malacañang statement on Saturday quoted MIC president and CEO Rafael Consing Jr. as saying: “The National Grid Corporation of the Philippines (NGCP) is the backbone of our nation’s power system, and its stability is inextricably linked to the Philippines’ economic and social well-being.”
“I fully endorse Speaker Martin Romualdez’s proposal for the Maharlika Investment Corporation to strategically invest in NGCP,” he said.
Consing added that the idea “holds immense potential” and will be a “bold step” towards securing energy independence.
Romualdez floated the idea on Friday as several provinces in Western Visayas experienced blackouts after multiple power plants in Panay Island tripped on Jan. 2
RELATED: NGCP: Panay sub-grid fully restored
The lawmaker described the suggestion as a “strategic investment” that would help beef up NGCP’s infrastructure and subsequently reduce power rates.
READ: Romualdez wants MIC to invest in NGCP amid power woes
But Consing said the decision to invest “still requires careful consideration and thorough due diligence before moving forward.”
“Transparency and accountability must be paramount throughout the process to ensure efficient use of public funds and maximum benefit for the nation,\” he said. \”However, the potential rewards are well worth the exploration.\”
Consing said MIC “can leverage its unique financial resources and development expertise to accelerate critical infrastructure upgrades, promote renewable energy integration, and improve overall grid efficiency.”
He said the partnership could lower energy costs and create a more reliable and resilient grid that can empower communities, among other benefits.
On Friday, President Ferdinand Marcos Jr. ordered the Energy Regulatory Commission (ERC) to swiftly reset the rates of NGCP, which he blamed for the Panay sub-grid failure that led to a massive power outage in parts of Western Visayas.
