Private sector pushed to invest more in renewable energy

ILIGAN CITY (MindaNews / 7 Dec) – An official of the Mindanao Development Agency (MinDA) called on the private sector to invest more in renewable energy so the Philippines would not be affected by events outside the country.

The Agus VI hydroelectric plant at the foot of Maria Cristina Falls in Iligan City. MindaNews file photo by BOBBY TIMONERA

“Because of the situation happening outside of the country, we have been affected by higher prices of fuel and consequently higher price of electricity,” said Raymond Peter Esperat, development management officer at MinDA during the first regional press forum on Mindanao power and energy development held here Monday.

He was apparently referring to the war between Russia and Ukraine that sent oil prices through the roof.

“That’s why we in MinDA are pushing for investments by the private sector in renewable energy to mitigate the effects of the high prices of oil here in our country,” Esperat said.

Rolando Lina-ac, the vice president for operations of Iligan Light and Power, Inc., suggested that the city strengthen the preferential allocation from the Power Sector Assets and Liabilities Management (PSALM).

He pointed out that Iligan being host to generation facilities of the National Power Corporation, it should be given preferential treatment. The Agus V, VI and VII hydroelectric plants are located in the city.

Reggie Punongbayan, president of the Iligan Bay Chamber of Commerce and Industry, “if the electricity in the city is sufficiently cheap, it will attract more investors, create more jobs and help develop the economy.” (Marivic Omandam Davis / MindaNews)