The Provincial Government of Bohol received payout in dividends worth P4.5 million from Bohol Light Company Inc. (BLCI) on Tuesday.
The dividend represents the provincial government’s 30% share in income for the year 2023 from its Joint Venture Agreement (JVA) with a private consortium led by the Salcon Group to manage and operate the electric distribution system here in Tagbilaran City, under a power distribution utility company now known as Bohol Light Company Inc. (BLCI).
According to Bohol Light General Manager Engr. Paul Almedilla, the regular dividend payout proves that the joint venture agreement is reaping rewards for the provincial government and that it is an additional income-generating source for the province.
During a simple turnover at the Office of the Governor on Tuesday, officers of Bohol Light headed by Bohol Light Senior Board Member Joven Tan Uy and
Engr. Almedilla, handed over to Gov. Erico Aristotle Aumentado the P4.5-million check representing the provincial government’s 30% share of the utility compan’s revenue.
Bohol Light remits dividends annually to the provincial government after the utility company declares income derived from its operations.
To recall, the provincial government entered into a JVA with the Salcon consortium back in 2000 under a public-private partnership (PPP) program to entrust electric distribution in Tagbilaran City which was at that time under the Provincial Public Utilities Department (PPUD).
It has been 23 years since the Salcon Group was awarded the JVA to rehabilitate-own-operate and maintain the electric utility to which the provincial government retains 30% ownership through the utility company (Bohol Light).
Aside from its 30% share in revenues, the provincial government is also allotted two (2) seats in Bohol Light’s board of directors who represent the Capitol in all matters pertaining to the administration and operation of the power distribution utility company.
Currently, the two directors appointed by the provincial government in the Bohol Light board are Mr. Argeo Melisimo and businessman Norris Oculam.
The unique organizational structure of Bohol Light, with two representatives and voting members of the board, as mandated under the JVA ensures that the interest of the provincial government and the electric consumers, are well-represented and even protected. (KB)