New REFC Board approves loan applications of Four (4) ECs
The newly constituted Board of Directors after the Annual Stockholders’ Meeting of the Rural Electrification Financing Corporation (REFC) has started its 2017-2018 term with the approval of the loan applications of four (4) Electric Cooperatives (ECs) in the total amount of Php89.11 Million.
In its first Board Meeting held last August 29, 2017, the new Board of Directors spearheaded by its Board President, Surigao del Sur II Electric Cooperative, Inc. (SURSECO II) General Manager, Iglorio Hinayon, passed resolutions approving each of the loan applications which the REFC Management has submitted to the Board for approval.
The approved loans are distributed as follows:Php 6.1 Million Working Capital Loan of Tablas Island Electric Cooperative, Inc. (TIELCO); Php2.995 Million Commodity Loan for the acquisition of two units RETC Lineman Utility Vehicles (LUV-I NHR) of Leyte IV Electric Cooperative, Inc. (LEYECO IV); Php719,970 Commodity Loan for RETC Lineman Utility Vehicle (LUV-S) of Pampanga Rural Electric Service Cooperative (PRESCO); and the two loan applications of the Misamis Oriental 1 Electric Cooperative, Inc. (MORESCO 1) for a Commodity Loan in the amount of Php27.4 Million for the procurement of a crane and 2 shuttle buses, and its CAPEX Loan in the amount of Php51.9 Million for the coop’s Taboc (Opol) substation, which includes lot and site development, and KWH Meters.
President Hinayon said: “These loan approvals only show our commitment to our member-ECs’ progress. And this will also reflect the resolve of the new Board of Directors for business continuity. We will pursue with our mandate to serve our Investor-Stockholders and aim for continued growth of the Corporation not only in terms of numbers but also in its lines of business related to the electrification industry.”