(Eagle News)–Maharlika Investment Corporation (MIC) president Rafael Consing Jr. has expressed support for the proposal to strategically invest a part of the country’s sovereign wealth funds in the National Grid Corporation in the Philippines.
Under Republic Act No. 11954, the MIC is the sole vehicle responsible for mobilizing and utilizing the country’s Maharlika Investment Fund for investments aimed at generating optimal returns for the Philippines for its long-term development.
In expressing support for the proposal by Speaker Martin Romualdez, Consing noted that the NGCP was the “backbone of our nation’s power system,” and that its “stability is inextricably linked to the Philippines’ economic and social well-being.”
“The move (to invest) holds immense potential to strengthen our energy sector and pave the way for a brighter future,” Consing said, adding that the MIC “can leverage its unique financial resources and expertise to accelerate critical infrastructure upgrades, promote renewable energy integration, and improve overall grid efficiency.”
He said among the tangible benefits, should such a partnership push through, would include lower energy costs and empowered communities with a reliable and resilient grid.
He added the investment would also promote public-private partnerships in the energy sector that can set a valuable precedent for sustainable development across other critical infrastructure areas.
Nevertheless, Consing emphasized that careful diligence and thorough consideration are still required before moving forward.
“Transparency and accountability must be paramount throughout the process to ensure efficient use of public funds and maximum benefit for the nation,” he said.
The proposal to invest in the NGCP came after the Department of Energy vowed to hold the same liable for the Panay Island-wide blackout reported on Jan. 2.
Energy Regulatory Commission Chair Mona Dimalanta had said the sanctions would be imposed also against “whoever else is accountable” for the blackout—the second in less than a year, according to the government—after an investigation handled by the Interim Grid Management Committee is completed.
“Kasi hindi po natin basta ine-excuse ang mga planta. Kasi sa anim na planta, meron po ba dun na hindi nag-maintain. Kapag ganun, may penalty din po siya. Hindi lang NGCP,” she said.
The NGCP said that as of Friday afternoon, power supply in Panay and Guimaras islands has been restored and transmission operations have normalized.