📷 OneNewsPH
Maharlika Investment Corporation (MIC) said it will focus on the development of transmission lines, specifically targeting the construction of island grids to address critical infrastructure needs in the energy sector.
At a press conference in Quezon City on Friday, MIC President and Chief Executive Officer Rafael Consing said the corporation will not invest in the generation or distribution sides of the energy market.
Consing explained that MIC is focused on developing critical utility infrastructure in island areas like Palawan as part of its proposed P35-billion investment activities for this year.
“If you look at where investments in the energy sector are most required, it is in the lines… therefore, we want to be able to make a difference by focusing only on building island grids. This is basically our strategy in the energy sector… on island grids, off-grid,” Consing said.
MIC’s investment in Palawan’s grid development plan is a significant step towards achieving its mandate of optimal returns while fostering socioeconomic advancement.
Consing elaborated on the broader vision of these investments, noting that they are not only financially beneficial but also essential for the future development of the region.
“We firmly believe that investing in critical utility infrastructure is an investment in the future, yielding dividends far beyond financial gains,” Consing said.
Consing, along with officials from the National Electrification Administration (NEA) and the Palawan Electric Cooperative (PALECO), signed a memorandum of agreement aimed at improving PALECO’s electrical infrastructure.
This partnership aims to stabilize Palawan’s power supply, thereby attracting more businesses and industries to the province and fostering economic growth.
The agreement requires all parties to provide mutual technical assistance and share relevant data to achieve these objectives. MIC is directed to conduct studies to assess Palawan’s current electrical system and identify potential improvements.
MIC will have the authority to finance these upgrades, contingent on the availability of funds and in alignment with its investment strategy and risk management policies.
PALECO, in turn, will offer comprehensive support for the memorandum’s implementation, providing technical and operational expertise and granting access to pertinent data and information to its collaborators. (TCSP)
