THE PROVINCIAL GOVERNMENT of Benguet, Philippines is auctioning off the Binga hydroelectric dam to recover money owed to it by the National Power Corporation (Napocor).
The Binga dam is one of the public assets the provincial government plans to sell off this year to pay the government’s US$14.2B debt. The governor of the province gave Napocor and the Aboitiz-owned Luzon Hydroelectric Corp. 30 days from 23 December 2003, to settle the franchise taxes owed to the provincial government.
Napocor owes Benguet over US$220,000 in franchise taxes for 2001–2003 arising from the operation of Binga dam. The Aboitiz firm owes the province US$110,000 also in franchise tax for 2002 and 2003.