Benguet Corporation was incorporated on August 12, 1903 by two former American soldiers-mining prospectors and a soda fountain owner, who were among the many Americans who stayed in the Philippines after the Spanish-American War. The Company pioneered modern gold mining operation in the country and ushered the beginning of the Philippine mining industry. Benguet Corporation opened its first gold mine in 1906 in Antamok and in 1927 acquired and operated the gold mines in nearby Balatoc and Acupan, all located in the Benguet province.

The famous Benguet Road, better known far and wide as Kennon Road, is one of the best mountain roads in the world. Named after Major Lyman M. Kennon, the ultimate builder of the road, it stands as a tribute to Major Kennon's engineering skill and knowledge and excellent understanding of human nature.