BOKOD, Benguet, Philippines – This town is getting P61.2 million in property taxes from the SN Aboitiz Power-Benguet (SNAP-Benguet) as part of an advance payment for the rehabilitated Ambuklao hydroelectric power plant.
SNAP-Benguet president and chief executive officer Emmanuel Rubio turned over a ceremonial check for P61,260,311.52 due in 2012 to Benguet Gov. Nestor Fongwan at the provincial capitol in La Trinidad last Thursday.
Fongwan cited SNAP-Benguet “for setting a good example in paying the real property tax of Ambuklao in advance so that the local governments benefit early from the re-operation of Ambuklao.”
SNAP-Benguet took over the 105-megawatt Ambuklao hydroelectric power plant along with the 100-MW Binga hydroelectric power plant in 2008 following a successful bid for the two plants for $325 million through the government’s power sector privatization program.
That same year, it set to work in rehabilitating and upgrading the then decommissioned Ambuklao plant, which came back on-line in June this year.