SAMELCO I joins REFC
The Samar I Electric Cooperative, Inc. (SAMELCO I) became the 94th EC member-investor of the Rural Electrification Financing Corporation with its issuance of Board Resolution No. 10-S-2017, dated 15 February 2017, subscribing 1,000 shares of stock into REFC’s Capital . This makes all Eleven (11) ECs of Region VIII namely; LEYECO I, LEYECO II, LEYECO III, LEYECO IV, LEYECO V, SOLECO, BILECO, ESAMELCO, NORSAMELCO, SAMELCO I & SAMELCO II member-investors of REFC.
“This is a welcome development for the REFC and also for the ECs of Region VIII”, said Engr. Gabriel Tordesillas, REFC Board President. “With the addition of SAMELCO I as EC member-investor, REFC has now a total of 95 shareholders including NRECA Electricity for Progress (NEP). Soon other non-member ECs will follow suit as they see the benefits of becoming part of REFC family.”
SAMELCO I is an Extra-Large electric cooperative serving 10 municipalities/cities according to the 2016 NEA rating and size classification. It has provided electric service to about 90% of its potential connections and energized 100% of barangays in its coverage area. It is managed by General Manager Ms. Placida P. Balio. The Board of Directors of SAMELCO I is composed of Mr. Rafael B. Payod, Board President, Leonardo B. Piczon Jr., Vice-President, Joy Thea U. Pallones, Secretary, and Rogeto D. Julaton, Treasurer.
SAMELCO I headquarters is located in Brgy. Carayman, Calbayog City.
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