Philippine House Speaker Ferdinand Martin G. Romualdez advocated on Friday for the newly-established Maharlika Investment Corporation (MIC) to invest in the National Grid Corporation of the Philippines (NGCP). This recommendation follows a significant power outage in Western Visayas, raising concerns about energy security and infrastructure.
Speaker Romualdez highlighted the potential of such an investment to enhance infrastructure, lower electricity costs, and bolster economic growth. He referenced Iloilo City Mayor Jerry Treñas’ concerns regarding NGCP’s handling of repeated power outages. Romualdez believes MIC’s involvement could lead to greater efficiency, renewable energy support, and improved NGCP operations.
The MIC, managing the Maharlika Investment Fund (MIF), Philippines’ first sovereign wealth fund, held its inaugural board meeting on January 3 to discuss capitalization and project investments. Department of Finance Secretary Benjamin Diokno chairs the corporation.
Romualdez emphasized the benefits of investing in the power sector, noting its potential to attract foreign investment by reducing operational costs through cheaper electricity.
MIC President and CEO Rafael Consing Jr. expressed support for Romualdez’s proposal, underscoring NGCP’s critical role in the nation’s power system and economic well-being. Consing foresees the investment strengthening the energy sector, enhancing grid efficiency, and promoting renewable energy. He also noted the importance of transparency and due diligence in this potential collaboration.
Consing stated that this strategic move could lead to job creation, economic growth, and improved living standards, setting a precedent for sustainable development in other infrastructure areas. He stressed that investing in NGCP through Maharlika would be a significant step towards securing the Philippines’ energy independence and future prosperity.
PhilippinesToday.ph