By Francis Allan L. Angelo
A burgeoning industrial growth in Metro Iloilo-Guimaras will need a robust and reliable power distribution to further its development in the coming years.
Roel Z. Castro, president and CEO of MORE Electric and Power Corp (MORE Power), emphasized this point during the Strategic Planning Workshop for the Metro Iloilo-Guimaras Economic Development Council (MIGEDC).
“This is essential for reducing rates and preparing for anticipated growth in both the service and industry sectors.”
With the recent entry of International Container Terminal Services, Inc. (ICTSI), a sister company of MORE Power, Iloilo City has seen an increase in international shipping lines, marking a rise in investment and development potential in the region.
“Our sister company, ICTSI, has taken over operations at the international port, attracting international shipping lines to Iloilo City. This prompts us to ask, what is it about Iloilo City that captures attention? It’s a testament to the investment and development potential here,” Castro said.
He cited a report by the National Economic and Development Authority (NEDA), which indicated that services contributed to 61% of the region’s Gross Regional Domestic Product (GRDP) in 2022, followed by Industry at 21.5%, and Agriculture at 17.5%.
Castro challenged the participants to consider how to bolster agricultural and industrial growth sustainably instead of the traditional path to prosperity. He said Region 6 needs a true agricultural revolution and industrial boom
For the strategic planning of MIGEDC, Castro recommended focusing on four pillars: agricultural endowment, advanced services sector, evolving technology, and green development.
Castro concluded that while the region’s natural endowments are bountiful, progress relies on a united approach towards MIGEDC’s common goals, underlining the importance of a collective mindset for strategic development and growth.
Information from the Economic Impact of MORE Power on Iloilo City presentation by Dr. Winston Conrad B. Padojinog early this year underscores the significance of reliable utility providers like MORE Power in times of uncertainty.
It reveals that Iloilo City, a heavily industrialized commercial trading port city, leans heavily on service and manufacturing, with 64.6% of the electricity industry’s output contributing to these sectors.
The economic profile of Iloilo City showcases a substantial growth rate of 6.8% in 2021, outpacing the entire Western Visayas region, and contributing 15.1% to the regional economy.
With advancements by MORE Power, such as a 76.2% reduction in system losses and a growth in its subscription base, the city has seen a notable decline in power interruptions, both in frequency and duration. This operational performance has translated to MORE Power’s compound annual growth rate of total customers at 6.92%, leading to a 14.3% compound annual growth in operational revenues from 2020 to 2022.
The presentation further highlights that for every PHP1.28 invested, MORE Power produces an additional output to the city’s economy, contributing nearly 3.8% to Iloilo City’s economy. This performance indicates an equivalent average annual contribution to the City’s Gross City Domestic Product (GCDP) from 2020 to 2022.
The company’s efforts have also spurred a reduction in unemployment, accounting for approximately 10.6% in the city, and has boosted household income by about 1.4%.
