The Philippines Biggest White Elephant: A burden that took 30 years to shoulder

During the 1973 oil crisis in Middle East, Philippine was also not spared as we are solely relying our oil imports from them. It put a heavy strain on our economy, which was then headed by former President Marcos. In response to this, he ruled out that a nuclear power is the solution to our countries needs.

In 1976, the construction of Bataan Power Plant began. A US company, Westinghouse, spearheaded the nuclear reactor construction. It was designed to produce 621 megawatts of electricity. The project was completed in 1984, with the actual cost of $2.3 billion.

Marcos was then overthrown by the People Power revolution in 1986, and was replaced by former President Cory Aquino. The latter then, having grudges on Marcos, decided to scrap the initial plan of a nuclear power plant. The decision was also influenced by the Chernobyl disaster during that same year.

Huge part of our taxes goes to the payment of this debt, which took us 30 years to pay until 2007. It’s a staggering $155,000 a day payment for interest only.

Now, this power plant stood in Bataan, generating not even a watt of electricity. It will be there as a reminder for our government officials about their stupidity and lack of care when spending our money.

Until such time that they can do some other usage of this building, it will always remain the greatest wasted investment that our country had.

At least now you know where our taxes went.

bataan nuclear power plant





Subscribe to Newsletter. Enter Email


About Richard Macalintal

Hi my name is Richard. I am a Registered Financial Services Consultant in Singapore. If you have any queries or you need help on your insurance policies and investment linked products, feel free to message me :-) We can have a cup of coffee while I do financial review and give advice with regards to your finances :-) Contact me thru email rlmacalintal(at)yahoo.com or SMS me +65 82235186. Disclosure: I am a Financial Consultant of AIA. The statements or opinions expressed on this site are my own and do not necessarily represent those of AIA.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

This site uses Akismet to reduce spam. Learn how your comment data is processed.