SPEAKER Ferdinand Martin G. Romualdez is proposing to the newly-convened Maharlika Investment Corporation (MIC) to consider investing on the country’s power grid operator, National Grid Corporation of the Philippines (NGCP).

“Given these challenges, I propose that the Maharlika Investment Corporation 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 in a statement.

Romualdez was referring to the masive power outage that have affected Iloilo City and several provinces in Western Visayas since January 2, 2024.

“I believe that investing in the power sector will set up major benefits for the country,” Romualdez said.

Meanwhile, Romualdez noted that Iloilo City Mayor Jerry Treñas has expressed strong concerns over the NGCP’s alleged inaction on repeated blackouts.

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 Sec. Benjamin Diokno.

The MIC Board met for the first time on January 3 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.

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.

“The involvement of the Maharlika Investment Corporation could be a significant step towards achieving a reliable, efficient, and sustainable energy infrastructure,” Romualdez, the Lakas-Christian Muslim Democrats (Lakas-CMD) president, also said.

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.

AUTHOR PROFILE

Jester P. Manalastas