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The Institute for Climate and Sustainable Cities , a Philippine-based energy think tank, urged the government to address high electricity costs as the country prepares to become an upper-middle-income country next year.
“High electricity costs may discourage industries from expanding their operations due to the prohibitive expenses,” Manansala said. “These costs can hinder progress toward upper-middle-income status due to their direct correlation with the Gini coefficient, which measures income inequality.” The current power supply mix is dominated by coal, which accounts for about 60 percent of the supply, making the country vulnerable to price shocks due to international geopolitical conflicts.
The country is rich in indigenous energy resources across its islands, which can help diversify power supply and reduce dependence on imported and expensive energy commodities.
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