ILOILO CITY – Strategic investments and operational improvements implemented by More Electric and Power Corp. (MORE Power) in the power distribution system here have resulted in economic growth in the area.
This is one of the findings of a study presented at the Iloilo Business Summit yesterday by Dr. Winston Padojinog, president of the University of Asia and the Pacific.
The study noted initiatives including equipment upgrades, system rehabilitation and proactive governance, improved both the quality of power distribution services and economic growth here.
The study also cited the distribution utility has substantially reduced the frequency and duration of power interruptions and enhanced the reliability of power supply for businesses and households alike while also curtailing system losses that led to attracting more subscribers.
“We need to attract (and) retain investors… You could see that a reliable utility infrastructure, a reliable infrastructure provider will have reverberating effects on the economy. So, the opposite can be true. If you have an unreliable service provider, it will lead to rent-seeking behavior,” Padojinog said.
The study said 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, accounting for approximately 3.8 percent of its total economy.
It added since MORE Power became the distribution utility of the city, some 6,693 direct and indirect jobs were created from 2020 to 2022, reducing the average number of unemployed individuals in the city by 10.6 percent per year. This generated a total of P1.75 billion worth of additional income for Iloilo City households from 2020 to 2022.
The study added reduction in system losses directly benefited consumers, providing them with extra income with approximately P1.01 million injected into the economy through additional consumption spending in 2022.