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Manila Bulletin devider Philippines devider National devider Should Maharlika Investment Corporation invest in NGCP? Speaker says yes 

Should Maharlika Investment Corporation invest in NGCP? Speaker says yes 

Published Jan 5, 2024 05:40 am

At A Glance

  • The Maharlika Investment Corporation (MIC) should consider investing in the National Grid Corporation of the Philippines (NGCP) amid the "challenges" being faced by the power grid operator, says House Speaker Martin Romualdez.

IMG-457a9ee670093299566870a5b3f5c98a-V.jpgHouse Speaker Martin Romualdez (Speaker's office)

 

 

 

 

 

 

The Maharlika Investment Corporation (MIC) should consider investing in the National Grid Corporation of the Philippines (NGCP) amid the "challenges" being faced by the power grid operator. 

Thus, said House Speaker Martin Romualdez as he addressed the issue of the widespread power outage in Western Visayas. 

"I believe that investing in the power sector will set up major benefits for the country," Romualdez, leader of the 300-plus strong House of Representatives, said in a statement Friday afternoon, Jan. 5. 

Last Jan. 2, a massive power interruption hit Iloilo City and several provinces in Western Visayas. The Speaker noted that Iloilo City Mayor Jerry Treñas has expressed strong concerns over the NGCP's alleged inaction on repeated blackouts. 

"Despite earlier identified solutions, the recurrence of power outages indicates a failure in implementation. The incomplete construction of transmission lines for the Cebu, Negros, and Panay grid is particularly concerning," noted Romualdez.

"Given these challenges, I propose that the [MIC] considers investing in the NGCP. This strategic investment could provide essential capital for infrastructure upgrades and help in lowering the cost of electricity for consumers," Romualdez said. 

The House leader said the potential involvement of MIC "could lead to improved efficiency, economic growth, enhanced energy security, support for renewable energy integration, and increased accountability in NGCP’s operations". 

The MIC acts as the steward of the Maharlika Investment Fund (MIF), the Philippines' first sovereign wealth fund. It is chaired by Secretary Benjamin Diokno. 

On Jan. 3, the MIC Board met for the first time in order to discuss matters such as the Fund’s capitalization and potential projects to tap. 

Romualdez said that improving the country’s power infrastructure will result to cheaper electricity for the consumers, which in turn would make the country more attractive to foreign investors in terms of operational costs. 

READ THIS TOO: 

https://mb.com.ph/2023/7/30/villafuerte-says-congress-must-decide-on-ngcp-s-fate-asks-doe-to-complete-review 

He further justified his pitch by saying that a strengthened NGCP would hasten the existing interconnectivity plans, thus ensuring that traditionally power-strapped regions during peak usage of electricity would be left in the dark at any given time. 

Other congressmen have taken the NGCP to task in the past for its perceived failure to keep up with its transmission development and interconnectivity program. 

"The involvement of the [MIC] could be a significant step towards achieving a reliable, efficient, and sustainable energy infrastructure," said Romualdez, the Lakas-Christian Muslim Democrats (Lakas-CMD) president. 

At any rate, the House leader asked both the NGCP and Department of Energy (DoE) to implement "decisive action and effective collaboration" regarding the Western Visayas blackout.

 

Related Tags

National Grid Corporation of the Philippines Maharlika Investment fund Maharlika Investment corporation Martin Romualdez
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