Strategic Energy Investment: Maharlika’s Consing Backs NGCP Investment Proposal

Rafael Consing Jr., the president of the Maharlika Investment Corporation (MIC), has publicly endorsed a proposal by Speaker Martin Romualdez for the MIC to strategically invest in the National Grid Corporation of the Philippines (NGCP). This endorsement highlights the NGCP’s critical role as the backbone of the Philippines’ power system, with its stability being vital for the nation’s economic and social well-being.

Consing emphasized the potential benefits of this partnership, which include reduced energy costs and a more reliable and resilient power grid. He views the investment in NGCP through Maharlika as a significant step towards securing the Philippines’ energy independence, fostering economic prosperity, and ensuring a better future for all Filipinos.

However, Consing also noted that the decision to invest requires careful consideration and thorough due diligence. He stressed the importance of transparency and accountability throughout the process to ensure the efficient use of public funds and maximize benefits for the nation.

This proposal came in the wake of a massive power outage on Panay Island, caused by multiple trippings of power plants in the area. The Department of Energy attributed the widespread blackout to the NGCP and supported a review of the grid operator’s congressional franchise. Energy Secretary Raphael Lotilla expressed regret that the blackout was preventable, and President Ferdinand Marcos Jr. pointed out that NGCP had a crucial two-hour window to prevent the system collapse but failed to take the necessary measures.

This development reflects the growing focus on improving the Philippines’ energy infrastructure and the strategic role of investments in achieving this goal​​.