The Rural Electrification Financing Corporation (REFC), as the financing alternative of the Electric Cooperatives (ECs), has approved the commodity loan application of the Busuanga Island Electric Cooperative, Inc. (BISELCO) for the acquisition of one unit boom truck amounting to Php8.5 Million.
The coop has availed of the commodity loan through a Board Resolution submitted to REFC Management with BR No. 17-0341 series of 2017. And through the recommendation of the Loans and Credit Committee, the REFC Board approved BISELCO’s loan in the amount of Php 8,567,463. The boom truck will be availed through the REFC’s subsidiary, the Rural Electrification Trading Corporation (RETC).
“Our loan portfolio is increasing and it is very satisfying for the REFC Board to see that we live by our mandate to give our member ECs the financial alternative to fund their electrification projects. This is the essence of our corporation’s existence, to support our EC-investors by providing the source of funds whenever they need it at the lowest possible lending rate. We do not compete with NEA, rather we are one with the government in making a difference for our rural areas,” said REFC President Gabriel Tordesillas.