The apparel industry of the Philippines has urged the Government to lower the power rates in addition to coming up with incentives.
This, the industry believes, will help bring down the operational cost, thereby attracting lot more foreign investment.
And there’s no better time than now when country’s apparel and textile industry is on a comeback trail.
Substantiating further, Marisa D. Nallana, President, Philippine Exhibitions and Trade Corp. (Petco) says that with regard to power cost, Philippines remains one of the most expensive, if not the most, countries in the world.
“Maybe there’s an incentive that [the government] can lower [power rates], or there’s a certain number of years when the investors can pay a certain amount, which is much lower than the rest to be able to compete,” added Marisa.
She said the Philippines was losing to countries like Bangladesh and China on grounds of cost.
In 2018, the International Energy Consultants had reported that the Philippines has the second highest electricity price across Asia at around P9 per kilowatt-hour.