POWERING PALAWAN. Maharlika Investment Corp. president and chief executive officer Rafael Consing Jr. (left) signs a memorandum of understanding while National Electrification Administration Administrator Antonio Almeda looks on at the NEA office in Quezon City on Friday (May 24, 2024). The MIC and NEA signed the MOU with the Palawan Electric Cooperative to strengthen the Palawan grid. (PNA photo by Joan Bondoc)
MANILA – The Maharlika Investment Corp. (MIC), National Electrification Administration (NEA), and Palawan Electric Cooperative (PALECO) signed on Friday an agreement to strengthen Palawan's electric grid.
The memorandum of understanding (MOU) was signed by MIC President and CEO Rafael Consing Jr., NEA Administrator Antonio Mariano Almeda, and PALECO General Manager Rez Contrivida at the NEA office in Quezon City.
"This MOU between the parties will unite capabilities and resources to develop action plans and strategies ensuring energy security in Palawan province," Almeda said.
"Moreover, this partnership (will help) PALECO to further enhance its distribution services to guarantee affordable and reliable electricity in its coverage area."
The agreement seeks to stabilize the power supply in Palawan, which has struggled with rotational brownouts due to technical issues and power supply deficiency for years.
Under the MOU, the parties agreed to mutually provide technical assistance and share relevant data to achieve this goal.
"This agreement signifies our shared vision and commitment to empowering Palawan through strategic investments in its power infrastructure," Consing said, adding that a feasibility study and technical studies would be conducted to determine the amount that needs to be invested.
The study is expected to be completed in the third quarter of the year.
"By investing in Palawan's grid development plan, MIC reaffirms its mandate to achieve an optimal rate of return on its investments while catalyzing socioeconomic advancement. We firmly believe that investing in critical utility infrastructure is an investment in the future, yielding dividends far beyond financial gains," he said.
The MIC has the discretion to finance the upgrade of Palawan’s electrical system, subject to the availability of funding and consistent with its investment strategy and risk management frameworks.
"A robust and reliable grid is the lifeblood of any thriving economy. It fuels businesses, powers home, and underpins essential services. For Palawan, a province renowned for its natural beauty and burgeoning tourism industry, a modern and efficient power grid is paramount," Consing said.
He said the project would enhance the quality and reliability of electricity services across Palawan, which will help businesses expand and will therefore drive economic growth.
PALECO, on the other hand, is bound to extend all kinds of assistance relative to the implementation of the MOU.
It is expected to provide technical and operational expertise, including access to relevant data and information, to its collaborators. (PNA)
