ILOILO CITY – Strategic investments and operational improvements pursued by More Electric and Power Corp. (MORE Power) has fueled greater economic activities and growth to the city, according to a study conducted by the University of Asia and the Pacific (UA&P).
In a presentation delivered by Dr. Winston Padojinog, UA&P president, at the Iloilo Business Summit held Thursday, found that initiatives like equipment upgrades, system rehabilitation and proactive governance improved both the quality of power distribution services and the economic expansion of the city.
The study also found the distribution utility has substantially reduced the frequency and duration of power interruptions and enhanced the reliability of power supply for both businesses and households while also curtailing system losses that turn off existing or potential subscribers.
“We need to not only to attract but retain investors. You could see that a reliable utility infrastructure, a reliable infrastructure provider (has compelling impact) 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.
Key findings include the expanded MORE Power customer base added P4.99 billion to Iloilo City’s local output expansion measured as its gross domestic product (GDP) every year, equal approximately 3.8 percent of the city’s economy.
Since MORE Power took over as distribution utility, a total 6,693 jobs have been directly or indirectly generated from 2020 to 2022, reducing the number of unemployed individuals in the city by 10.6 percent.
The utility company also helped generate additional income for Iloilo City households an estimated P1.75 billion from 2020 to 2022.
The study said the reduction in system losses directly benefited consumers, providing them extra income with approximately P1.01 billion injected into the economy through additional consumption spending in 2022.
