PRESIDENT Ferdinand R. Marcos Jr., said that the power outage that occurred in Panay last January has resulted in some P3.8 billion worth of economic losses in Iloilo.

Marcos made the remark during the ceremonial switching on of the Mindanao-Visayas interconnection project in Malacañang.

According to the chief executive, the blackout showed the importance of such programs.

''Earlier this month, the Panay Island started the new year with a total blackout for three days, parts of Negros Occidental were under rotational power," Marcos said. 

"The power interruption caused P3.8 billion in economic losses in the province of Iloilo alone, notwithstanding the inconvenience that it brought to the people of Western Visayas,'' he added.

''This incident emphasized that vital role of these interconnection projects. We cannot afford to have another round of this costly interruption, not only in Panay Island but anywhere in the country,'' Marcos said.

It will be recalled that Panay experienced a widespread and prolonged power outage when various power plants in the island tripped.

According to the National Grid Corporation of the Philippines (NGCP), they monitored the tripping of Panay Energy Development Corporation (PEDC) Unit 1 at 12:06 p.m. on January 2, due to an “internal issue.”