Romualdez proposes Maharlika fund investment in NGCP after massive Panay blackout

Vivienne Gulla, ABS-CBN News

<p>MANILA - House Speaker Martin Romualdez has proposed that the Maharlika Investment Fund invest in the country’s power grid operator following the massive blackout that hit Panay Island, as he backed calls for a probe into the incident.</p><p>Romualdez said the Maharlika Investment Corporation should consider investing in the National Grid Corporation of the Philippines to “provide essential capital for infrastructure upgrades and help in lowering the cost of electricity for consumers.” </p><p>“Such involvement could lead to improved efficiency, economic growth, enhanced energy security, support for renewable energy integration, and increased accountability in NGCP’s operations,” Romualdez said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/01/05/24/doe-eyes-p2-m-per-day-fine-review-of-tax-perks-of-ngcp">DOE eyes P2 million per day fine, review of tax perks of NGCP after Panay blackout</a></li></ul><p>The House leader also called on the Energy Regulatory Commission and the National Grid Corporation of the Philippines on Friday to conduct a thorough investigation into the massive blackout that gripped Panay Island.</p><p>“This event has highlighted critical issues in our power infrastructure, impacting numerous businesses, industries, and the daily lives of our citizens,” he said in a statement.</p><p>Romualdez said he was concerned over the unfinished construction of transmission lines for the Cebu, Negros, and Panay grid.</p><p>Energy Secretary Raphael Lotilla earlier also said the power outages could have been <a href="https://news.abs-cbn.com/business/01/04/24/energy-chief-blames-ngcp-for-panay-blackout">prevented</a> if the NGCP had finished its projects. </p><p>Large parts of Panay island were left without power on Tuesday after several power plants tripped. </p><div><strong>HOUSE PROBE</strong></div><p>The House Committee on Energy is scheduled to meet on January 11 at 9:30 a.m. to tackle the power outages in Panay.</p><p>Panay is the sixth-largest and fourth-most populous island in the Philippines. It is comprised of the provinces of Aklan, Antique, Capiz, and Iloilo. </p><p>Iloilo 1st District Representative Janette Garin said the blackout was “unacceptable”, adding that it affected lives and economic activities in the island.</p><p>&quot;Maraming nasirang ingredients ng ating MSMEs mga kainan. Mga isda ng mangingisda sira din. Parang hindi magandang pagsalubong sa taong 2024,&quot; she said.</p><p>Iloilo City Mayor Jerry Treñas estimated that the city has already lost over P1 billion due to the blackout. </p><p>Garin and Iloilo City Representative Julienne “Jam” Baronda have both expressed intent to file a house resolution seeking an investigation into the recent blackout.</p><p>“We sought the House leadership particularly Speaker Ferdinand Martin Romualdez and Committee on Energy chairperson Lord Allan Jay Velasco, to hold a Hearing through the House Committee on Energy. We have also drafted a resolution seeking an investigation in aid of legislation on the recent blackout, which we have forwarded to our Ilonggo colleagues for their signature,” Baronda said in a statement on her social media page.</p><p>The NGCP said it expects power to be completely restored in Panay by Friday. But the company noted that this will depend on whether power plants can deliver enough supply.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/01/05/24/doe-power-may-be-restored-in-panay-on-friday">DOE hopes power may be restored in Panay on Friday</a></li></ul><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/4ABAgKKT7uo?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

House Speaker Martin Romualdez has proposed that the Maharlika fund invest in the country’s power grid operator following the massive blackout that hit Panay Island.

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Romualdez proposes Maharlika fund investment in NGCP after massive Panay blackout

Romualdez proposes Maharlika fund investment in NGCP after massive Panay blackout

Vivienne Gulla,

ABS-CBN News

Published Jan 05, 2024 06:09 PM PHT

Read More:

House of Representatives

House Speaker Martin Romualdez

Panay

blackout

Maharlika Investment Corporation

NGCP

DOE

ERC

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