Candle lights used during blackouts (File picture from Reuters / Mohammad Ponir Hossain)
MANILA, Philippines — The Maharlika Investment Corporation (MIC) may solve the power crisis in Panay Island by putting money in the National Grid Corporation of the Philippines (NGCP) to improve the firm’s transmission infrastructures, House Speaker Ferdinand Martin Romualdez said Friday.
NGCP supplies power in Panay.
“Given these challenges, I propose that the Maharlika Investment Corporation considers investing in the NGCP,” he said.
“This strategic investment could provide essential capital for infrastructure upgrades and help in lowering the cost of electricity for consumers,” he added.
Romualdez said the MIC investment in NGCP will enable the corporation to address the power outage and decrease electricity prices.
“Such involvement could lead to improved efficiency, economic growth, enhanced energy security, support for renewable energy integration, and increased accountability in NGCP’s operations,” he said.
The Speaker made the statements after households in Panay Island were plunged into darkness on Tuesday.
NCGP admitted unscheduled maintenance shutdowns of different power plants were the cause of the power interruption.
It also noted a need for better resource planning regarding the country’s energy generation.