President Benigno Aquino led the
Mindanao Energy Summit in Davao City, as Mindanao suffers from a power shortage.
In his speech, the President said there are investors willing to invest in Mindanao, but people in the region should accept a hike in electricity rates.
“How can you entice anyone to invest if their generating cost is more than their selling cost? The simple truth is, we can have a lot more energy but we have to provide the incentives for businesses to come here to put up those plants for there will be a change in how much have to pay. We will have to pay, perhaps a bit more,” Aquino said.
“Of our P1.8 trillion budget, only P400 billion is programmable. Can government pay for new plants and old loans and still provide the services and facilities you need? You have to pay more because this is the reality of economics, not the rhetoric of politics. Everything has its price, we have to pay for a real service. There are actually just 2 real choices, pay a little more for energy or live with a lack of energy and the continuation of rotating brownouts,” he added