ILOILO City – The Iloilo Business Summit, hosted by the Philippine Chamber of Commerce and Industry (PCCI) – Iloilo Chapter at the Marriott Hotel here on Thursday, Oct. 19, highlighted the substantial impact of MORE Electric and Power Corporation’s (MORE Power) strategic investments and operational improvements on the local economy. These initiatives, including equipment upgrades, system rehabilitation and proactive governance, have significantly improved the quality of power distribution services, driving economic growth in the city.
The notable event also featured a significant study presented by Dr. Winston Padojinog, president of the University of Asia and the Pacific (UA&P) and a distinguished economist.
Dr. Padojinog’s comprehensive study, conducted under the auspices of UA&P, delved into the economic landscape of Iloilo City. His insightful analysis, steeped in economic expertise, shed light on the city’s growth potential and outlined key strategies for further development. This presentation added an invaluable layer of depth to the summit, enhancing the understanding of the economic factors at play in Iloilo City and the pivotal role played by organizations like MORE Power in driving local prosperity.
MORE Power’s continuous efforts have substantially reduced the frequency and duration of power interruptions, enhancing the reliability of power supply for businesses and households alike. Moreover, the company’s proactive governance measures have curtailed system losses aligning them closely with the Energy Regulatory Commission’s (ERC) system loss charges cap.
These enhancements have been instrumental in attracting more subscribers to MORE Power’s services, leading to a substantial increase in captured customer connections and operational revenues.
Key Economic Impact Highlights
* Increased Operational Revenues: The growth in MORE Power’s customer base has contributed an average of P4.99 billion annually to Iloilo City’s gross city domestic product (GCDP), accounting for approximately 3.8 percent of the city’s total economy.
* Job Creation: Since it operated as the distribution utility of Iloilo City, MORE Power created a total of 6,693 employment directly and indirectly from 2020 to 2022, reducing the average number of unemployed individuals in the city by 10.6 percent per year. This has generated a total of P1.75 billion worth of additional income for the city’s households from 2020 to 2022.
* Consumer Benefits: The reduction in system losses has directly benefited consumers, providing them with extra income. As a result, consumers injected approximately P1.01 million into the economy through additional consumption spending in 2022.
* Pandemic Resilience: These combined economic effects played a crucial role in helping Iloilo City reduce its GDP by 2.4 percent during the height of the pandemic in 2021. Furthermore, when the city returned to its positive growth trajectory in 2022, MORE Power accounted for about 19 percent of that growth.
The Iloilo Business Summit served as a platform to highlight MORE Power’s significant contributions to Iloilo City’s economy and its commitment to enhancing the quality of life for residents and businesses in the region./PN
