RP may lose investments due to power crisis

MANILA, Philippines – The country is in danger of losing investments as the business community expressed grave concern on the worsening power crisis in the country.

In an interview at the sidelines of yesterday’s Economic Managers Briefing, Philippine Chamber of Commerce and Industry (PCCI) president Francis Chua said that he has already received numerous complaints from his members regarding the rotating blackouts and the grim news surrounding the power industry.

“Businessmen are very apprehensive. They want to know what is happening because the current situation is not very healthy,” Chua said.

According to Chua, the industry is very worried over the rotating blackouts that has now included Metro Manila. “The bigger issue is the scarcity of electricity.”

Chua said that as of now, none of his member firms have closed shop because of the power interruptions but said that if this continues then it is possible that some will be forced to consider other business locations.

Worse, Chua said that “the worst is yet to come.” He said he has already warned his members to be prepared because the country is just entering the summer season. He said that if the crisis happened in July, a known rainy season, it would have been a different story.

Also, Chua said that this may be a deterrent for firms who are planning on investing in the country because they would not want to infuse money in a place with unsteady supply of electricity.

When asked if the economic managers were able to shed light on the matter of power shortages, Chua said that there is very little the administration can do right now because the implementation of whatever strategy they may come up with will be up to the next president and his new economic managers.

He said that he has received a position paper from the Energy branch of PCCI regarding the power shortage. He said he has yet to read the proposal but said he will forward it to the government in order to formalize the stand of the business community.

Chua noted that he still cannot see an immediate solution to the power crisis that is why the best advise he can give his members is to be prepared for the worst. –Ma. Elisa P. Osorio (The Philippine Star)