The National Electrification Administration (NEA) welcomed on Monday the signing of a Memorandum of Agreement between the provincial governments of Oriental and Occidental Mindoro and their respective electric cooperatives (ECs) with the Maharlika Investment Corporation (MIC).

Leading the ceremony was NEA Administrator Antonio Mariano Almeda, with the event graced by MIC President and CEO Rafael Jose Consing, Jr., Occidental Mindoro Gov. Eduardo Gadiano, Oriental Mindoro Gov. Humerlito Dolor, and Department of Finance Usec. Catherine Fong.

Signing the MOA on behalf of the Oriental Mindoro Electric Cooperative, Inc. (ORMECO) was general manager Humphrey Dolor and his counterpart at Occidental Mindoro Electric Cooperative, Inc. (OMECO) Engr. Celso Garcia.

The LGUs and ECs of Occidental and Oriental Mindoro entered into an agreement with MIC to finance key energy distribution infrastructure development projects to address the recurring power crisis in the said provinces due to supply shortages.

“The Mindoro Islands have struggled with energy security in the past years. The magnitude of the problem was undeniable, affecting both residents and businesses,” Administrator Almeda said in his remarks, highlighting the significance of the pact.

“Reliable power precedes progress. By upgrading and rehabilitating the area’s existing electrical infrastructure, we can open the doors to further investments and socio-economic development,” he added.

MIC is a state-owned corporation that serves as the sole vehicle for mobilizing and utilizing the Maharlika Investment Fund (MIF). The MIF was designed to catalyze economic development by mobilizing government financial assets that are otherwise limited in use by current legal frameworks.

Also in attendance at the signing ceremony were National Transmission Corporation President and CEO Fortunato Leynes, Independent Electricity Market Operator of the Philippines (IEMOP) President and CEO Atty. Richard Nethercott, and Oriental Mindoro Vice Gov. Ejay Falcon.###