MANILA, Philippines - SN Aboitiz Power-Benguet Inc. (SNAP-Benguet) and officers of the Binga Employees’ Multi-Purpose Cooperative (BEMP) signed a memorandum of agreement (MOA) for a soft loan of P2.2 million to boost the enterprise development capability of the cooperative.
The loan was part of SNAP-Benguet’s corporate social responsibility program which promotes livelihood and enterprise development projects in its host communities. The check was turned over to the group in October by assistant vice president for HR and Administration, Hernando Zamora, and witnessed by representatives of both parties. SNAP-Benguet owns and operates the 125-megawatt Binga hydroelectric power plant in Brgy. Tinongdan in Itogon, and is a joint venture between SN Power of Norway and AboitizPower.
The soft loan allowed the BEMP to pursue other business enterprise such as manpower, janitorial, and other allied services. With the loan from SNAP-Benguet and its available assets, the BEMP has met the Department of Labor and Employment’s requirement of at least PhP3M share capital to engage in contracting activities. The soft loan is at zero interest and payable in two years’ time.
The partnership was a result of capability and enterprise development programs earlier undertaken by BEMP with the support of SNAP-Benguet. The Cooperative Development Authority also assisted the BEMP in setting up strategic plans, developing operational manuals, and enhancing its business governance capabilities.
Vice President for Corporate Services Mike Hosillos said SNAP is confident that the coop will continue to be managed well, and grow as a more responsible and sustainable community enterprise. He challenged the cooperative to continue growing its business to be able to provide meaningful economic opportunities to its members and its community.
According to Alexander Bencio, a member of the board of directors, “this is an early Christmas gift from the company as it will help the cooperative’s business operation.” The cooperative started way back in 1957, and currently operates a commissary inside the facility. It has lasted because of “upright and transparent management,” added Mr. Bencio. BEMP is based in Marian Village, Barangay Tinongdan, Itogon, Benguet.
BEMP chairman of the board Sarnel Pascua expressed was also grateful to SNAP-Benguet and committed to further improve and enhance their services through meaningful trainings and workshops.