THE Maharlika Investment Corp. (MIC) has signed a memorandum of agreement (MoA) with Occidental and Oriental Mindoro provinces, as well as with their respective power cooperatives, to conduct studies on possible future investments in the island’s power infrastructure.
“Under this agreement, MIC will finance a comprehensive demand outlook for the Philippine economy. The (Mindoro) pilot program, if successful, has the potential to serve as a model for replication in other provinces across the archipelago,” MIC President and Chief Executive Officer Rafael Jose D. Consing, Jr. said in a speech on Monday.
The MoA will facilitate development of action plans and strategies to ensure energy security for both Oriental and Occidental Mindoro, National Electrification Administration Administrator Antonio Mariano C. Almeda added.
Mr. Almeda said the MoA will help bring forward the President’s goal of full electrification for the Philippines by 2028.
“In particular, this partnership will help Oriental Mindoro Electric Cooperative, Inc. (ORMECO) and Occidental Mindoro Electric Cooperative, Inc. (OMECO) refine their services as distribution utilities and ultimately ensure the provision of affordable and reliable energy for the people of Mindoro Island,” he said.
He added that the two provinces will need a complete transmission loop across the island to be able to export power reserves to each other when needed.
Mr. Consing said that the island has an insufficient, unreliable, and disproportionately expensive power supply.
“Mindoro’s residents face some of the highest electricity rates in the country, with recent increases further compounding the burden on households and businesses,” he said.
Oriental Mindoro Governor Humerlito A. Dolor said power generators in his province whereas underdelivering on their capacity.
“We only have around 68 MW of dependable capacity. During daytime, we have a peak demand of 75 MW during midday, and 70 MW at nighttime. And we have only 68 MW dependable capacity. On a daily basis, we experience deficits,” he said.
Mr. Consing said the right investments in the provinces’ power infrastructure could boost the island’s economy and attract foreign investment.
“In the case of Mindoro, our investment could pave the way for significant private capital, both foreign and domestic, to establish large-scale, sustainable, and sustainable electricity. This could not only ensure food security for our growing population, but also create a potential thriving export market,” he said. — Aaron Michael C. Sy