Bongbong to support economic Cha-cha

MANILA, Philippines – Vice presidential aspirant Sen. Ferdinand Marcos Jr. will support moves for Charter change under the next administration as he sees the need to ease limits on foreign ownership to drive down electricity cost in the country.

Marcos aired this statement yesterday in the wake of the announcement of Manila Electric Co. of a 42-centavo per kilowatt-hour rate increase this month. Meralco also warned of higher electricity bills in the coming summer months.

“We have among the highest power rates in Asia and our current generation capability can hardly keep up with the demand that some areas continue to experience rotating brownouts. If we can drive power costs down mothers can put more food on the table for their families,” Marcos said.

One good way to reduce power rates is to encourage foreign investors to come in. 

This, he said, would happen only if constitutional restrictions limiting foreign ownership to 40 percent are eased.

In particular, Marcos wants the cap removed for renewable energy companies.

“We have a lot of areas with the potential for development of renewable energy sources but these require considerable investment. Many foreign firms are interested but not too keen on coming in unless we ease the 60-40 rule,” he said.

Marcos said the country’s current energy policy is in disarray, citing the complaint of British Ambassador Asif Ahmad that while there is a cap on foreign investments in reliable energy, full foreign ownership of traditional power generation is allowed.             

“It is imperative for the new administration to put up a clear cut and fair policy on energy, particularly with respect to renewable energy development. If we can do that we would not only have reliable and cheaper electricity but we would be protecting our environment as well,” he added.