MAHARLIKA Investment Corporation (MIC) President and Chief Executive Officer Rafael Consing Jr. on Saturday, January 6, 2023, expressed his support for the proposal of House Speaker Martin Romualdez for MIC to invest in the National Grid Corporation of the Philippines.
In a statement, Consing said he is endorsing Romualdez's proposal for MIC, noting that the NGCP serves as the backbone of the country’s power system.
Romualdez made the proposal following the almost four-day power outage in Panay and Guimaras Island in the first week of 2024.
He said the stability of the NGCP is inextricably linked to the Philippines’ economic and social well-being.
“This move holds immense potential to strengthen our energy sector and pave the way for a brighter future,” he said.
By doing such, Consing said the MIC will become a dedicated partner in tackling the nation’s complex energy challenges, noting it will help in lowering the energy cost in the Philippines as well as make NGCP more reliable and resilient for the benefit of the communities.
He said 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.”
The investment will also foster public-private partnerships in the energy sector, which can set a valuable precedent for sustainable development across other critical infrastructure areas.
However, the MIC chief acknowledged that the decision to invest still requires careful consideration and thorough due diligence 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. However, the potential rewards are well worth the exploration,” he said.
“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 added.
NGCP is a private-owned company with a 25-year concession contract with the government and a 50-year franchise to operate the country’s power transmission network.
Chinese company State Grid Corporation has the biggest share in the company at 40 percent while Henry Sy Jr.’s Monte Oro Grid Resources Corporation and Robert Coyiuto Jr.’s Calaca High Power Corporation each own 30 percent.
The NGCP was blamed by no less than President Ferdinand “Bongbong” Marcos Jr. for the blackout in Panay and Guimaras Islands last week
“Stability involves proactive responses to breakdowns and unexpected events, a duty that NGCP unfortunately has not fulfilled adequately,” Marcos said. (SunStar Philippines)