Data from the Philippine Statistics Authority show that tourism continues to be a key economic growth driver.
Global Business Power Corp. (GBP), through its official retail energy arm Global Energy Supply Corporation (GESC), recently signed a power supply agreement with Global Estate-Resorts, Inc. (GERI) under the Energy Regulatory Commission’s retail competition and open access (RCOA) scheme.
Under the agreement, GBP will supply 4MW of power to GERI’s 140-hectare township in Boracay Island, the Boracay Newcoast.
“Our partnership with GERI comes at such an exciting time, as this retail supply agreement harnesses the synergy between the energy and real estate sectors and is well-positioned to tap into the country’s dynamic tourism sector,” said GBP president Jaime T. Azurin.
Data from the Philippine Statistics Authority (PSA) show that tourism continues to be a key economic growth driver, accounting for 12.7 percent of the country’s gross domestic product (GDP) in 2018. Tourist arrivals have also jumped 14 percent year-on-year for the first nine months of 2019.
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The Department of Tourism has cited the reopening of Boracay Island as a contributor in the sector’s strong momentum. A subsidiary of Megaworld, GERI is currently developing its first master-planned community in the island, which will consist of five districts, namely Newcoast Village, Oceanway Condominiums, Savoy, Belmont and Chancellor Hotels, Boracay Town Center and Newcoast Station.
“We are proud to share with GERI the same passion for nation-building, as this partnership is seen to further boost the tourism sector,” Azurin added, highlighting GBP’s commitment to strengthen its service offerings to customers as it seeks to become a total sustainable energy solutions provider.
“We thank GBP for helping us meet our energy requirements in Boracay and we are excited to harness opportunities for mutual growth,” GERI president Monica Salomon said.
RCOA is a provision under the Electric Power Industry Reform Act that allows “contestable customers,” or those whose peak demand fall within the threshold level of contestability, to freely choose their electricity supplier.
