MIC must prioritize energy to cut costs

Finance Secretary Frederick D. Go said the Maharlika Investment Corp. (MIC) should prioritize the energy sector to lower electricity costs and stimulate industrial growth even if power projects offer limited direct hiring.

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Go told reporters last week that the energy sector, while it does not provide direct jobs, is “a critical component to industries that provide jobs.”

As such, Go urged injecting funds into the energy sector, arguing that it “could be developed further with the main objective of reducing power costs,” which would require increasing energy supply or making it more predictable, consistent, and stable.

“By bringing down power costs, you attract more investments in manufacturing, logistics, and agricultural processing, among others,” President Marcos’ chief economic manager told reporters.

Overall, Go believes Maharlika investments should consider their impact on local employment and on gross domestic product (GDP) expansion.