Senator Imee Marcos questioned the plan of Maharlika Investment Corporation (MIC) to invest in the National Grid Corporation of the Philippines (NGCP).
Senator Marcos explained that a more reasonable route to solve the transmission problems in the country is to maximize the function of the Energy Regulatory Commission (ERC).
“Why should the MIC spend money to improve the performance of the NGCP when it is regulated by the Energy Regulatory Commission? Why should we use public funds when regulatory measures are available?” said Marcos.
Furthermore, Marcos clarified that it was not the funding that should be questioned, it was how the corporation spent their net income, considering the lack of improvement in the power transmission capacity, which led to a number of power outages, load-dropping occurrences, and delays in project completion.
The senator went on to propose that the government exclude incomplete developments from the rates that the private corporations must pay.
“This will incentivize the NGCP to finish projects before recouping costs,” she said.
Earlier, House Speaker Martin Romualdez brought up the idea of MIC investing in NGCP to help improve energy security and optimize performance.
