The Maharlika Investment Corporation (MIC) has plans to invest in the country’s energy sector, particularly in the National Grid Corporation of the Philippines (NGCP), to lower energy costs and transform it into a more reliable and resilient grid to power communities.
National Grid Corporation of the Philippines (Photo by Mark Balmores/MANILA BULLETIN)
This was revealed by MIC President and Chief Executive Officer Rafael Consing Jr. on Saturday, Jan. 6.
In a statement from Malacañang, the MIC chief backed House Speaker Martin Romualdez’s proposal for the MIC to invest in the NGCP, which is currently being blamed for the massive power outages in Western Visayas.
“The National Grid Corp. 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 Corp. to strategically invest in NGCP,” he explained.
“This move holds immense potential to strengthen our energy sector and pave the way for a brighter future," Consing added.
The official believes that investing in the NGCP will allow MIC to become a dedicated partner in tackling the Philippines' complex energy challenges.
“Investing in NGCP through Maharlika is about investing in the Philippines' future. It will be a bold step towards securing our energy independence, fueling economic prosperity, and ensuring a brighter tomorrow for every Filipino.”
He furthered that MIC “can leverage its unique financial resources and development expertise to accelerate critical infrastructure upgrades, promote renewable energy integration, and improve overall grid efficiency.”
Aside from the benefit of lowered cost and increased capacity that NGCP could provide with a fresh influx of investment, Consing also underscored how it would foster public-private partnerships in the energy sector.
This can “set a valuable precedent for sustainable development across other critical infrastructure areas,” the statement said.
However, the MIC president noted the need for careful consideration and thorough due diligence before the investment.
“Transparency and accountability must be paramount throughout the process to ensure efficient use of public funds and maximum benefit for the nation. However, the potential rewards are well worth the exploration,” he said.