BOHOL CAPITOL TO FORM TASK FORCE ON BLCI SHARE SALE
The provincial government of Bohol is forming a task force to study the potential purchase of shares in the Bohol Light Company Inc. (BLCI) from Salcon Power Corporation (SPC).
SPC, which owns 70% of BLCI, has offered the shares to the provincial government for purchase.
However, the Sangguniang Panlalawigan (SP) initially declined the offer based on the advice of the Local Finance Committee (LFC).
Following a manifestation from the Center for Government Accountability and Review (CGAR), SP revisited its decision and sponsored a resolution to form a task force to further study the proposal.
The task force, which was proposed by Board Member Benjie Arcamo, will consult with the public and hasten a decision on whether to purchase the shares.
The provincial government had previously asked SPC to hold off on the sale until a thorough review of the proposal was conducted.
SPC has reportedly agreed to sell the shares for around P206 million pesos.
If the provincial government purchases the shares, it would gain complete control of BLCI, a joint venture between SPC and the provincial government that was established in 2001 after the provincial government sold the Provincial Public Utilities Department.
The potential purchase of the shares has implications for consumers in Tagbilaran City, and the task force is expected to take public input into consideration as it makes its decision.
A deal between SPC and More Power Corporation to purchase the shares is reportedly in place, but the provincial government has the right of first refusal as a shareholder.