The Board of Directors of the Rural Electrification Financing Corporation (REFC) announced its retained earnings for the 9th consecutive year and approved the declaration of dividends in the amount of Php12.067 Million from its 2016 operations per Board Resolution No. 05-03, Series of 2017. This remarkable feat will again enable the Corporation to give back to its Stockholders a return of their investment into the financing firm.
REFC President Gabriel Tordesillas said: “This is good news for the shareholders whose return of investment is something being looked forward to. Also, this is best for the Corporation itself as it seals its credibility not only to its Electric Cooperative (EC) – Investors, but to the remaining non-investor ECs as well. The company’s profitable performance would encourage more ECs to join us in the noble task of becoming the alternative source of funds for our member-ECs in order to carry out their varied projects.” Presently, 95 electric cooperative Stockholders are owners of REFC.
The declaration of stock dividends is one of the agenda in the coming Annual Stockholders’ Meeting on August 7, 2017, wherein a 2/3 votes of the stockholders is required. A total of Php76,576,675.18 in dividends were distributed to our stockholder ECs in the last 9 years of its operation.