Exec proposes solutions to hike in commodity costs

MINDANAO adviser for Aboitiz Equity Ventures (AEV) and former president of AboitizPower subsidiary Davao Light and Power Company Arturo Milan, has recommended short- to long-term solutions to help manage the potential increase in commodity costs in Mindanao in a presentation during the first Mindanao Business Summit hosted by the European Chamber of Commerce of the Philippines (ECCP) on Mar 31.

The webinar hosted by the ECCP brought industry professionals and agencies from the public and private sectors to discuss the growing industries in Mindanao including agriculture, ICT, and tourism. Having reliable energy is of utmost importance to adequately support the economic needs of the region.

“The expansion in one industry has a spillover effect in another, hence, the need to harmonize development initiatives. We have to capitalize on domestic strengths to push development further. We welcome our private sector partners in advancing the crucial sectors to reinforce the pillars of Mindanao’s competitiveness,” said Sec. Maria Belen S. Acosta, Mindanao Development Authority Chairperson in her opening remarks.

Milan stated in his presentation that while Mindanao has an excess power supply of around 1,000 megawatts, electricity costs are expected to increase due to the volatility of fuel costs in