THE National Electrification Administration (NEA), Maharlika Investment Corp. (MIC) and an electric cooperative in Palawan have signed an agreement to address power supply issues in the province.
"This latest collaboration seeks to stabilize power supply in Palawan to keep attracting businesses and industries in the province for its economic growth," said NEA Administrator Antonio Mariano Almeda.
Alameda signed the memorandum of agreement (MoA) along with MIC President and Chief Executive Officer Rafael Consing Jr. and engineer Rez Contrivida, the general manager of the Palawan Electric Cooperative (Paleco), on May 23 at the NEA office in Quezon City.
Contrivida, who lauded the "historic" MoA signing, said the initiative will improve Paleco's power infrastructure in Palawan.
"The parties concerned have agreed to mutually provide technical assistance and share relevant data to achieve the goal," the NEA chief added.
Under the six-page agreement, the MIC will conduct studies to assess the present electrical system of Palawan and determine ways to improve it, more specifically its transmission lines.
MIC will also have the discretion to finance Paleco's upgrades, but will be subject to the availability of funding and consistent with its investment strategy and risk management frameworks.
"[So in this agreement], there will be a feasibility study and also technical studies to be undertaken as well in order to determine how much we need to invest in. And we would like to be able to start that as soon as possible with this," Consing said.
He, however, declined to disclose the amount the MIC would pour into the massive project that would involve the establishment of transmission lines all over the province, among others.
For its part, Paleco is expected to extend all kinds of assistance relative to the implementation of the agreement.
"We would provide technical and operational expertise including access to relevant data and information to its collaborators," Contrivida said.
Maharlika Investment Corporation President and Chief Executive Officer Rafael Jose Consing Jr. and National Electrification Administration (NEA) head Antonio Mariano Almeda sign the memorandum of understanding to address the power supply issues in Palawan at the NEA Office in Quezon City on May 24, 2024. PHOTO BY JOHN ORVEN VERDOTE Maharlika Investment Corporation President and Chief Executive Officer Rafael Jose Consing Jr. and National Electrification Administration (NEA) head Antonio Mariano Almeda sign the memorandum of understanding to address the power supply issues in Palawan at the NEA Office in Quezon City on May 24, 2024. PHOTO BY JOHN ORVEN VERDOTE Maharlika Investment Corporation President and Chief Executive Officer Rafael Jose Consing Jr. and National Electrification Administration (NEA) head Antonio Mariano Almeda sign the memorandum of understanding to address the power supply issues in Palawan at the NEA Office in Quezon City on May 24, 2024. PHOTO BY JOHN ORVEN VERDOTE
The agreement would accelerate the 100 percent total electrification thrust of NEA, especially in securing supply of electricity in the province.
"Palawan has been struggling with rotational brownouts due to technical issues and power supply deficiency for years and that is the agreement would hope to resolve," Almeda said.
Last month, NEA forged a similar agreement with the local governments and electric cooperatives of Oriental and Occidental Mindoro.
Consing said he hopes the agreements will serve as templates in initiating similar cooperation with power cooperatives serving the countryside.
"So, I think what we need to do is to ensure that first these deals are successful as interestingly, while they seem similar, they could be templates of two different types of investments. I think once we have got that established then we can begin with other projects as well in other areas [in the Philippines]," Consing said.
Almeda added the agreement adhered to the "Bagong Pilipinas" governance agenda of the administration of President Ferdinand Marcos Jr.
"The Marcos administration seeks to invest the Philippines' first sovereign wealth fund into key investments such as energy development to sustain the positive trajectory of the country's economy," he stressed.
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