The Maharlika Investment Corp. (MIC) is prioritizing energy security projects in rural areas of the Philippines, according to its President and CEO, Rafael Consing Jr. Consing stated that the MIC has already signed agreements to support power infrastructure improvements in Mindoro and Palawan.
“We , in fact, did sign already some memorandum of agreements with Palawan and Mindoro in terms of the rollout of their or the investment in the electricity sector in those areas. It’s also quite public our our interest in looking at the main grid as well,” Consing said.
The MIC is also exploring investments in the main power grid, recognizing the substantial benefits of electrification in disadvantaged areas. A study commissioned by the Department of Energy revealed that providing electricity to poor families can significantly increase their income and expenditure, with the impact growing as the hours of electricity access increase.
“If you give a poor family electricity from zero to eight hours, it raises their income and expenditure by 15.7 percent and 14.8 percent, respectively. If increased from eight to 16 hours, that rises to about 35 percent and 34 percent respectively.”
“And it goes to…just 24 hours, that goes to 55 and 57 percent respectively,” he said.
“So power precedes progress. And once you roll that out, and you’re able to improve the lives of the rural folk, then you will directly impact 70 percent of your (gross domestic product), which is consumption,” he said.
Beyond energy security, the MIC is also considering investments in infrastructure, agroforestry, industrial urbanization, mineral processing, tourism, transportation, and aerospace and aviation.
Photo Courtesy: Ted Cordero, GMA