Romualdez wants MIC to invest in NGCP amid power woes

Metro Manila (CNN Philippines, January 5) — House Speaker Martin Romualdez is urging the Maharlika Investment Corporation (MIC) to inject funds into the National Grid Corporation of the Philippines (NGCP) amid the recent developments in the power situation in Western Visayas.

Romualdez floated the idea in a statement on Friday, as several provinces in the region have been experiencing blackouts.

READ: Gov't agencies blame NGCP for Western Visayas power outage

“Given these challenges, I propose that the Maharlika Investment Corporation considers investing in the NGCP,” he said.

The MIC manages the sovereign wealth fund of the country.

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The lawmaker described this as a possible “strategic investment” as this would help beef up NGCP’s infrastructure, subsequently reducing power rates.

Romualdez also said that MIC backing “could lead to improved efficiency, economic growth, enhanced energy security, support for renewable energy integration, and increased accountability in NGCP’s operations.”

Both the Department of Energy (DOE) and the National Electrification Administration (NEA) blamed the NGCP for the widespread blackouts in the region.

In a report to President Ferdinand Marcos Jr., the NEA said the power crisis “may potentially be attributed to the NGCP being unable to provide the necessary ancillary power support" to the first plant that tripped at 12:06 p.m. on Jan. 2.

Other lawmakers on Thursday bared their plan to investigate the power problem in Western Visayas.