MIC invests in NGCP to lower power prices

Maharlika Investment Corporation (MIC) president Rafael Consing Jr. stated on Tuesday during a Palace press briefing that MIC's investment in National Grid Corporation of the Philippines (NGCP) could support the government's goal of reducing power prices.

Consing highlighted that energy security is a top priority for MIC, and the corporation can assist NGCP in developing its transmission grid infrastructure to attract more power suppliers and potentially lower electricity costs.

On Monday, MIC secured a 20% stake in Synergy Grid and Development Philippines Inc. (SGP), gaining two board seats in both SGP and NGCP, with total proceeds of about P19.7 billion.

Energy Secretary Raphael Lotilla echoed Consing's sentiments, noting that completed transmission projects could contribute to lower prices by addressing constraints that drive up power costs.

President Ferdinand Marcos Jr. witnessed the signing of a memorandum of agreement between MIC and Synergy Grid on Monday, marking MIC's first investment since its inception in July 2023.