Key takeaways:
- Senators express concern over Maharlika Investment Corporation’s (MIC) lack of concrete plans for energy sector investments.
- Senator Imee Marcos calls for government intervention to address delays in National Grid Corporation (NGCP) projects.
- Senator Sherwin Gatchalian agrees that the government should take over if private companies lack funding for crucial infrastructure.
- Despite previous announcements, lawmakers are disappointed by the absence of actionable strategies from MIC.
- The Energy Regulatory Commission (ERC) has issued show-cause orders to NGCP regarding delays in grid projects.
Senators are worried about the Maharlika Investment Corporation (MIC) not having clear plans for its promised investments in the country’s energy sector.
During Senate deliberations on the Department of Energy’s proposed budget for 2025, Senator Sherwin Gatchalian pointed out that even though MIC had made public promises, there is still no real strategy in place.
Senator Imee Marcos also raised concerns, saying the government needs to step in to fix delays in important projects by the National Grid Corporation (NGCP).
She suggested the government should consider building these projects itself.
“Is there any possibility for a more creative, out-of-the-box solution such as building the interconnection project ourselves in government?” she asked, as reported by GMA News.
Gatchalian agreed with her, adding that if private companies do not have the money to finish these crucial projects, the government should take over.
He said, “That is precisely also one of the reasons why Maharlika Investment Fund (MIF) was also created, to go into critical infrastructure and to use public funds to build those infrastructures.”
Despite earlier news reports saying MIC would invest in energy, Marcos said she was disappointed that no solid plans have materialized yet.
“There [was] a plethora of media releases… but it appears there is no concrete plan as yet,” she said.
Gatchalian echoed her thoughts, saying, “No concrete plans yet. A lot of it are press releases and just talk, and negotiations.”
Their concerns come at a time when NGCP is facing heat from the Energy Regulatory Commission (ERC) for delays in its grid projects.
Gatchalian revealed that ERC has already issued several show-cause orders to NGCP about these delays.
Back in May, MIC President Rafael Consing Jr. said the corporation wanted to focus its investments on improving transmission and distribution for off-grid islands.
But with no plans in sight, lawmakers are calling for urgent action to ensure the country’s energy grid is stable and reliable.Ⓒ
Business Bayani PH 
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