P-Noy assures investors of lower power costs

MANILA, Philippines - President Aquino is assuring investors that the government would strive to lower electricity prices in the country, even as the President called on them to expand operations and consider staying for the long-term.

“The Philippine electricity market is now in the process of improving access that is envisioned to stimulate competition which will eventually, and hopefully not too long in the future, result in less-expensive power supplies, especially for large-end users of electricity,” Aquino said.

High electricity rates have always been cited as one of the reasons why businesses stay away from the Philippines. Earlier, the President gave his assurance that the Philippines is on track in ensuring adequate supply of electricity nationwide in the years to come.

In his speech during the 17th Anniversary and Investors‚ Recognition Night of the Philippine Economic Zone Authority at the World Trade Center in Pasay City, President Aquino thanked the dedicated people of PEZA for the sizeable influx of investments in the country.

“In the spirit of Filipino hospitality and true partnership, we are taking every measure to ensure that your stay here does indeed realize your expectations. We will make certain that the advantages you identified here will lead to more efficient businesses for all of you. After all, our partnership has never been about short-term gain; it’s about long-term relationships,” Aquino said.

He said PEZA had been offering significant fiscal and non-fiscal incentives to attract investors.

“But it is equally important to not merely attract investors, but to keep them here. This is the spirit in which PEZA offers its services to your companies. Businesses here are now being given the opportunity to focus on their operations. PEZA’s officers are at your beck and call 24/7, and every day of the year, as the director general has mentioned, except for Good Friday’s. I understand that I have company now in the only holiday we really expect in a year,” Aquino said.

I hope you allow them that one-day vacation out of a year: Filipinos are known to be a faithful lot. More than being‚ as was said earlier‚ one-stop shop for your needs, PEZA will be that non-stop shop. The red tape that has for so long encumbered your operations has now been turned into the red carpet. And beneath all these is the firm bedrock that has become the calling card of my administration: No under-the-table deals. No graft, no corruption. Only hard work, service-oriented governance, and a level playing field for all who have come to invest,” he said.

The President stressed progress was about helping each other and successes would depend not just on own personal situations but also on the situations of others.

“If we can always consider the lots of others, then all of us will undoubtedly prosper. When a company has a good relationship with its employees, and when it operates in an environment that allows it to grow, then it breeds a culture of success. It promotes a transfer of knowledge and resources between all the stakeholders, and it increases the capabilities of all those involved,” he said.

The President bared since that he assumed office, PEZA had generated a total of P465 billion in investments. In 17 years of PEZA, Aquino said this represented 23 percent of all investments generated by the authority and “this has happened in a span of less than two years.