MANILA – Listed firm MRC Allied said Monday it was installing solar power systems in some of the country’s farms to help bring down the cost of food production. MRC Allied president and CEO Gus Cosio said a solar power system in a farm in Nueva Ecija was expected to reduce the farm’s cost of electricity by 20 percent during peak hours. “If you bring down the cost of rice milling then the end user price also goes down,” Cosio said in an interview with ANC’s Market Edge. He said that based on their estimates, the impact on food production costs was “significant.” Cosio said the cost of solar power has gone down 90 percent in just 3 years along with the prices of solar panels and inverters. “Two, three years ago solar would cost about $3 million per megawatt. Now it’s just around $1 million,” Cosio said. MRC has announced plans to invest between P80 billion and 100 billion pesos in the next 10 years to put up 10,000 megawatts of solar power capacity. The Philippines is marking the 10th anniversary of the signing of the Renewable Energy Act, which is seen as a pioneering piece of legislation in Southeast Asia.