WHO WOULD have thought that an industry more known for profit-taking rather than giving back would have a very significant impact on the quality of life and economy of “I Am Iloilo City”.
Of course, stranger things have happened and it started with the demise of the previous power utility provider of Iloilo City and the entry of MORE Electric and Power Corporation as the sole power distribution utility.
At the recently held Iloilo Business Summit hosted by the Philippine Chamber of Commerce and Industry (PCCI) – Iloilo Chapter, the substantial impact of MORE Power’s strategic investments and operational improvements on the local economy was highlighted.
These initiatives i.e., equipment upgrades, system rehabilitation, and proactive governance, were shown to have significantly improved the quality of power distribution services, driving economic growth in Iloilo City.
These were presented in a study by Economist Dr. Winston Padojinog, president of the University of Asia and the Pacific (UA&P).
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% 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% per year. This has generated a total of PHP 1.75 billion worth of additional income for Iloilo 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 decline by 2.4% during the height of the pandemic in 2021. Furthermore, when Iloilo City returned to its positive growth trajectory in 2022, MORE Power accounted for about 19% of that growth.
Simply put, the entry and continuous presence of MORE Power brings significant contributions to Iloilo City’s economy and its commitment to enhancing the quality of life for residents and businesses in the region.
Moving on, as a result of their never-ending search for better power rates in the open market, MORE Power was able to bring down power rates again by P0.1590/kWh as compared to the September billing.
Which means that P10.5549/kWh will be the Residential Electricity Rate of MORE Power for the October 2023 billing.
Take note that since that spike in electricity rates some months back caused by the volatile open market and the conflict in Ukraine, MORE Power has slowly been bringing down the electricity rates and with this recent one, the pattern has been a continuous reduction of power rates, hopefully straight on till the year’s end.
Indeed, MORE Power has proven to be a very reliable partner in the development and improvement of the economy “I Am Iloilo City” and quality of life of the Ilonggos./PN
