3 Electric Cooperatives (ECs) get REFC Loans Approved
Running an Electric Cooperative (EC) is not an easy task especially when your coverage area is in the typhoon zone of the country. This fact have been the mindset of the early incorporators of the Rural Electrification Financing Corporation (REFC) when they founded the entity which is to become the financing arm of the Philippine ECs.
“Coming together for a common purpose, a shared goal to serve our member-EC investors, have come a long way since we founded this corporation more than a decade ago,” REFC Board President Iglorio R. Hinayon said. “And one of the benefits of being part of the REFC family is that each member-EC knows that it can have an alternative source of funds other than what the national government provides through NEA during times of calamities. As our motto aptly puts it, your progress is our commitment, hence, we go beyond disasters as we have the whole EC operation in mind,” he quipped.
To this effect the REFC Board has approved the various commodity loan applications of three member-ECs, namely: Quirino Electric Cooperative, Inc. (QUIRELCO); Samar I Electric Cooperative, Inc. (SAMELCO I); and Agusan del Norte Electric Cooperative, Inc. (ANECO). These commodity loans are sourced through REFC’s subsidiary, the Rural Electrification Trading Corporation (RETC). QUIRELCO applied a commodity loan for the acquisition of Utility Vehicles with Auger Crane in the amount of Php 10.2 Million. While SAMELCO I availed the commodity loan for the acquisition of service vehicles in the amount of Php 9.7 Million. As for ANECO, its commodity loan amounting to Php 9.4 Million is intended for the AMI Project, in which it is one of the five pilot demonstration ECs.