Ninety-seven (97) coops now comprise the membership of the Rural Electrification Financing Corporation (REFC), or 82% of the total 120 Philippine Electric Cooperatives (ECs).
The recent member-investors are the Bohol II Electric Cooperative, Inc. (BOHECO II) with an investment of 1000 shares into REFC capital, and the Batanes Electric Cooperative, Inc. (BATANELCO) infusing 500 shares. The REFC Board unanimously approved the two coops’ initial capital investment during its Board meeting last July 19, 2017.
“With the limited financial resources of the Cooperative, an investment is deemed necessary to support our capital expenditure projects so as to sustain the delivery of enough electric service to our franchise area,” the Board Resolution of BATANELCO reads. In the same vein, BOHECO II’s Board Resolution has been passed through a mass motion of the coop’s Board of Directors.
With BOHECO II joining, makes 7 out of 10 ECs in Region 7 members of REFC. BOHECO II thus becomes the 96th Electric Cooperative (EC) – Investor. While BATANELCO completes Region 2’s all seven ECs into REFC membership as its 97th EC – Investor.
“I welcome BOHECO and BATANELCO into the REFC Family. We are all aware that typhoons are common occurrences in the ECs’ coverage areas all year round. Both BOHECO II and BATANELCO have their share of calamities in recent years. I assure you that your very own Corporation will work for you and provide you with the needed financial resources to support your electrification related projects. The goal of REFC is to unite all ECs, because only by standing together can we survive the storm,” said REFC President Gabriel Tordesillas.