MinDa Encourages Private Sector to Invest more in Renewable Energy

ILIGAN CITY (PIA) – During the the Mag-istorya ta: Regional Press Forum in Communicating Mindanao Power and Energy Development here, Mindanao Development Authority (MinDa) Investment Promotion Officer Raymond Esperat said they are pushing for investments by the private sector in renewable energy (RE) to mitigate the effects of high prices of oil and electricity in the country.

Esperat said that the situation happening outside of the country, such as the war between Russia and Ukraine, affected the increase of prices of fuel and electricity in the country. Hence, they encourage private sectors to invest in RE to mitigate effects of foreign exchange fluctuations and price volatility of fossil fuels.

“The government is no longer in business in putting up power plants. That’s why we are encouraging the private sector to put up sources of renewable energy whether in their homes or in their private business,” he said.

Esperat also said RE plays a vital role for businesses to be more competitive and make lives easier for the people of Mindanao.

Meanwhile, Rey Plestico, division manager of Agus IV and 5, shared an update during the forum about the first series of the project involving the rehabilitation of the Agus IV, V, VI, and VII plants in the Agus-Pulangi hydropower complex.

“We applied for the approval of the project including the feasibility study. We are now working on some items, checklist requirements. Hopefully procurement will be [done] in the third quarter in 2023,” he said.

The forum aims to inform partners, stakeholders and the general public about issues concerning energy and electricity since stable, reliable and affordable supply of electricity is relevant to the daily lives of Iliganons and Mindanaons in general.

Panelists of the said forum include key persons from MinDA, Chamber of Commerce and Industry Foundation of Iligan Inc., Iligan Light and Power Inc., and National Power Corporation. (LELAntonio/PIA-10/Lanao del Norte)

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