MORE Power’s Impact on Iloilo City’s Economy: More Electric and Power Corporation (MORE Power Iloilo), during the Iloilo Business Summit hosted by the Philippine Chamber of Commerce and Industry – Iloilo Chapter, bared its impact on the local economy with its strategic investments and operational improvements. These include the following:
- Equipment upgrade
- System rehabilitation
- Proactive governance
Dr. Winston Padojinog, President of the University of Asia and the Pacific (UA&P), with his comprehensive study conducted under the auspices of the UA&P, immersed into the economic landscape of the metro.
Over the years, MORE Power focused its efforts on reducing the frequency and duration of power interruption; enhancing the reliability of power supply for businesses and households alike.
In addition, the distribution utilities proactive governance measures curtailed system losses aligned to the Energy Regulator Commission (ERC) system loss cap.
- More Power: News and Updates
- MORE Power Iloilo Guide for Consumers
- MORE Power Iloilo and Progress
- MORE Power Iloilo Province Expansion
Key Economic Impact Highlights
Increased Operational Revenues: The growth in MORE Power’s customer base has contributed an average of PHP 4.99 billion annually to Iloilo City’s Gross City Domestic Product (GCDP), accounting for approximately 3.8% of the city’s total economy.
Job Creation: Since it operated as the distribution utility of Iloilo City, MORE Power created a total of 6,693 employees directly and indirectly from 2020 to 2022, reducing the average number of unemployed individuals in the city by 10.6% per year. This has generated a total of PHP 1.75 Billion worth of additional income for Iloilo City’s households from 2020 to 2022.
Consumer Benefits: The reduction in system losses has directly benefited consumers, providing them with extra income. As a result, consumers injected approximately PHP 1.01 million into the economy through additional consumption spending in 2022.
Pandemic Resilience: These combined economic effects played a crucial role in helping Iloilo City reduce its GDP decline by 2.4% during the height of the pandemic in 2021. Furthermore, when Iloilo City returned to its positive growth trajectory in 2022, MORE Power accounted for about 19% of that growth.