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Maharlika's Consing backs proposal to invest in NGCP

Maharlika Investment Corporation president Rafael Consing Jr. on Saturday expressed support for the proposal of Speaker Martin Romualdez for the MIC to invest in the National Grid Corporation of the Philippines (NGCP).

“The National Grid Corporation of the Philippines (NGCP) is the backbone of our nation's power system, and its stability is inextricably linked to the Philippines' economic and social well-being. I fully endorse Speaker Martin Romualdez's proposal for the Maharlika Investment Corporation to strategically invest in NGCP,” Consing said in a statement.

Consing said that among the tangible benefits that would come out of the partnership are lower energy costs and a more reliable and resilient grid.

“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.

However, Consing said the decision to invest still requires careful consideration and thorough due diligence.

“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.

According to Romualdez, MIC's "strategic investment could provide essential capital for infrastructure upgrades and help in lowering the cost of electricity for consumers."

Romualdez made the proposal after Panay Island was hit by a massive power outage earlier this week due to multiple trippings of power plants in the area.

On Friday, the Department of Energy blamed the NGCP for the widespread power outage as it expressed support for a review of the grid operator’s congressional franchise.

''It is most lamentable that this island-wide blackout was preventable,'' Energy Secretary Raphael Lotilla said at a press briefing in Taguig City.

In a video message, President Ferdinand ''Bongbong'' Marcos Jr. said the NGCP had time ''to prevent the system collapse.''

''The National Grid Corporation of the Philippines, NGCP, had a crucial two-hour window to prevent the system collapse, as highlighted by the Independent Market Electricity Operator of the Philippines, or IMEOP. Regrettably, during this period, NGCP failed to resort to manual load dropping, resulting in the crisis that we are facing now,'' Marcos said. —Jiselle Anne Casucian/VBL, GMA Integrated News