A financing Company Owned by the Electric Cooperatives
REFC COO in PHILRECA Convention
Engr. Thomas L. Villaflor, the Chief Operating Officer of the Rural Electrification Financing Corporation (REFC) and General Manager of its subsidiary, the Rural Electrification Trading Corporation (RETC), represented the Corporations during the annual convention of the Philippine Rural Electric Cooperatives Association (PHILRECA) held in SMX Bacolod last August 30-31, 2017.
Engr. Villaflor welcomed the 14 new EC-investors of REFC for the year 2016 & 2017, QUIRELCO, AURELCO, FLECO, QUEZELCO II, LUBELCO, CASURECO I, AKELCO, NORSAMELCO, SAMELCO II, SAMELCO I. COTELCO-PPALMA, NEECO I, BATANELCO & BOHECO II. “The REFC membership as of date is ninety-seven (97) ECs, plus the institutional investor partner NRECA, which makes it 98. Only twenty-three (23) of the 120 ECs nationwide remain as non-members. It is the hope of REFC that all the ECs will band together to build up a sustainable and self-reliant corporation to promote the welfare of the member-consumers, the very owners of the ECs, in the rural electrification industry” said Engr. Villaflor.
Engr. Villaflor talked about the REFC and RETC’s products and services to offer to the 120 Philippine Electric Cooperatives (ECs) around the country who were in attendance to the convention. Aside from showcasing his Corporation’s lines of business, Engr. Villaflor also gave updates that REFC was able to reward the investor-ECs with moderate return of their investments through declaration of stock and cash dividends amounting to Php90 Million in the last 7 years. RETC, likewise distributed dividends to patronizing coops.
“All of our efforts have only one objective – to fulfill our mandate of providing funds to our borrowing member coops and ensure that our lending rates are competitive in the industry if not lower and to introduce products and services to our member consumers’ owners that is of high quality, efficient and reliable. The Board and Management of REFC pledge to operate the Corporations with utmost transparency and compliance and shall strive to support this mandate”, said Engr. Villaflor.