A financing Company Owned by the Electric Cooperatives
REFC extends loans to 4 Electric Cooperatives (ECs) worth Php30.2 Million
The Board of Directors of the Rural Electrification Financing Corporation (REFC), spearheaded by its President, Engr. Gabriel Tordesillas, approved the loan applications of four (4) member-ECs during its Board meeting last May 25, 2017. The loan recipients are: Central Pangasinan Electric Cooperative, Inc., (CENPELCO); Isabela I Electric Cooperative, Inc. (ISELCO I); Nueva Vizcaya Electric Cooperative, Inc. (NUVELCO); and, Camarines Norte Electric Cooperative, Inc. (CANORECO). The REFC Management communicated to the four coops the good news that very same day.
“Upon the recommendation of the Loans Committee, the REFC Board unanimously approved the varied commodity loan applications of CENPELCO, ISELCO I, NUVELCO and CANORECO. It is REFC’s mission, to provide the assured source of funds for its member-investors’ needs. We aim that with these loans we are able to boost our member-ECs’ respective operations,” said REFC President Gabriel Tordesillas.
CENPELCO availed the commodity loan in the amount of Php 7.1 Million for the upgrading of its Meter Reading, Billing and Collection System. ISELCO I, on the other hand, applied for Php 8.5 Million loan for the acquisition of one (1) unit boom-truck. While NUVELCO’s loan of Php 10.9 Million was for the acquisition of four (4) units of Aerial Manlifts from the corporation’s subsidiary, the Rural Electrification Trading Corporation (RETC). And CANORECO availed of Php 3.7 Million loan for the acquisition of one (1) unit 3-ton 4-segment boom-truck.