Maharlika is investing in Palawan’s energy sector

MANILA, Philippines – State-owned Maharlika Investment Corp. (MIC) is investing in Palawan’s energy sector to help revitalize tourism and further unlock the province’s economic potential.

MIC and the National Electrification Administration (NEA) signed a memorandum of understanding (MOU) yesterday to improve the power infrastructure of Palawan Electric Cooperative (Paleco).

MIC President and CEO Rafael Consing Jr. said the agreement aims to stabilize Palawan’s energy supply to attract more businesses essential to economic growth.

“This MoU would require a feasibility study as well as technical studies. Then we will be able to determine exactly how much we will need to invest,” Consing said.

According to the MoU, the MIC will assess Palawan’s current electricity system and identify ways to improve it.

It will have the freedom to finance the modernization, subject to the availability of funds and in accordance with its investment strategy and risk management framework.

NEA Administrator Antonio Almeda said the planned MIC investment will improve the quality of electricity in Palawan, both in terms of quantity and service.

“By the end of the third quarter, we will have a clear vision and details on how to proceed, along with a technical study and financial model for the project,” Almeda said.

In turn, Paleco will provide MIC and NEA with technical and operational expertise, including access to relevant data and information.

The partnership is also part of NEA’s desire to accelerate the country’s total electrification by 100%.

Consing said strengthening Palawan’s electricity grid will help uplift communities, boost tourism and unlock the province’s full economic potential.

The MIC chief added that the sovereign wealth fund’s strategy focuses on owning and operating critical infrastructure assets necessary for growth and development.

“We see this project as an excellent example of our commitment to this strategy, confident that it will deliver both strong financial returns and significant social impact,” he said.

In particular, Consing said Palawan’s tourism industry will benefit from this initiative because reliable electricity is essential for hotels, restaurants and other tourism-related facilities.