Former Defense Secretary and senatorial candidate Gilbert (GIBO) Teodoro said the government should create policies that will further reduce electricity rates in the country in order to attract more investments.

Gibo Teodoro, who has vast experience both in public and private sectors, said the high electricity cost in the country remains a challenge for power-intensive industries like manufacturing as well as emerging sectors like data centers.

“As we are competing for foreign investments against our neighboring countries, we should fast-track building up our power capacity and tap energy sources that are efficient and sustainable to meet the growing demand,” the former Tarlac congressman said.

As a former executive of a renewable energy firm, Gibo Teodoro favors investments on clean energy but he noted that the country should not totally disregard investments on power plants run by fossil fuels.

“Addressing the high power rates will not only make the country attractive to foreign investments, but it will also help local micro, small and medium enterprises (MSMEs) to thrive as this would help them raise their targets and outputs,” Gibo Teodoro said.