MANILA, Philippines — The Board of Investments (BOI) and the Energy Regulatory Commission (ERC) have teamed up to facilitate investments and address industry concerns, in an effort to attract more investments.
The partnership is aimed at “effectively and efficiently address[ing] issues in the electric power industry, and concerns from BOI clients,” the ERC said in a joint statement.
When asked to elaborate, the regulator said “the issues and concerns, particularly those that affect contestable customers who are struggling with financial distress caused by abrupt increases in power rates that lead to disconnection of power supply need to be resolved immediately without violating the policies and procedures of ERC through close coordination with BOI.”
Contestable customers are those who opt to engage with suppliers other than the incumbent distributors in their areas.
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Trade Undersecretary Ceferino Rodolfo said the partnership with the ERC is “crucial” for the BOI, especially as the world transitions to green energy.
Rodolfo, also the BOI managing head, said investment facilitation is a crucial pillar for generating investments in the Philippines.
ERC Chair Monalisa Dimalanta said the ERC is an “active regulator” taking a proactive approach to address energy concerns in the country.
Information sharing
“We appreciate this collaboration because we know this is how we can contribute to fostering a positive business climate in the Philippines,” Dimalanta said.
Bobby Fondevilla, executive director of the BOI’s Investments Assistance Center, said the accord will pave the way for information sharing to identify and address bottlenecks and provide solutions for strategic partnerships.
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Fondevilla also said this would make doing business in the Philippines easier for investors, thereby attracting more investments into the country.
The ERC said the latest partnership marks the beginning of more collaborations aimed at encouraging local and foreign investments in the country.
Previously, the ERC and the Philippine Competition Commission renewed their partnership in February to monitor and investigate allegations of anticompetitive practices in the power sector.
Both agencies already initiated meetings and coordination as well as referred pertinent materials that would be helpful in the investigation procedure but did not provide additional information. —JORDEENE B. LAGARE