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Jan 30 2017

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Capitol share from JV hits P115.5M; brgys also benefit

Capitol’s share from the power-water joint venture (JV) now totals P115.560 million while the benefits from the said economic enterprise with the private sector keep cascading to the barangays, too.

This contradicts long past experiences in which funds for many projects and services beneficial to the barangays had been instead subsidized to the former provincial power and water utilities run by the government alone.

While millions in dividend incomes from the JV have been received by the provincial treasury, the capitol has no longer “wasted” huge finances as it used to sacrifice for the old system’s subsidies annually.

A public-private partnership between the province and private investor Salcon, the JV created what are now the Bohol Light Company, Inc. (BLCI) and Bohol Water AUtilities, Inc. (BWUI).

The two companies used to be the problematic, poorly serving Provincial Public Utilities Department (PPUD), which consisted of the electric and waterworks systems then solely managed by the government.

With the old systems transformed into the now highly-efficient BLCI and BWUI thru the JV, the province has hugely saved annually for other essential programs, projects and services.

These include infrastructure, health, education, agriculture and tourism developments, among others, as well as livelihood and other interventions in the barangays across the province.

Over the week, new school buildings and other facilities were inaugurated and turned over in Loon and Tubigon and another season-long training on farmer field school on vegetables was completed in Pilar.

The province’s yearly Ube Festival likewise culminated last week and the Department of Tourism (DOT) would like the agri-business fair henceforth included in its calendar of major events in the country.

More barangay priorities will be assisted, aside from the capitol-funded projects delivered to the rural areas, out of the advantages that the provincial government gets from the JV operation.

The province’s JV shares have already amounted to P115,360,702.00—P77.560 million from the BLCI and P37.360 million from the BWUI— after capitol got this month its latest share from the BLCI worth P14.625 million.

The check was turned over by BLCI General Manager Eulogio Signe to the province thru the governor and Provincial Treasurer Eustaquio Socorin.

The latest dividend income from the BWUI is awaited.

GAIN NOW NEARLY SURPASSES COST

At the time of the JV negotiation over 15 years ago, the total appraised current market value of the electric and water utilities was only P135 million, now nearly surpassed by the total dividend so far received by the province.

The JV was created during the administration of then governor and now First District Rep. Rene Relampagos, whose vice governor then was Chatto.

It has been cited both nationally and by foreign institutions supporting Bohol’s development as a model public-private partnership between a local government unit and a private sector in the country.

Along with its nearby localities, Tagbilaran City is the base service area and biggest direct beneficiary of the power and water development project done thru the joint venture.

Many consider the project to have enhanced the business and investment competitiveness of the city while satisfying the basic needs of its own settlers and improving human living condition.

Permanent link to this article: http://edcom.bohol.gov.ph/capitol-share-from-jv-hits-p115-5m-brgys-also-benefit/