REFC receives Php37M additional investments from 2 ECs
The availability of funds is an integral part of a financing firm as it caters to the needs of its clientele. The Rural Electrification Financing Corporation’s (REFC) Board of Directors, under the leadership of its President, Engr. Iglorio R. Hinayon, is cognizant of this fact so that it ensures that their very own corporation has the necessary funding to finance its operation, and, thereby, fulfill its mission.
With this in mind, the REFC Board approved the Php 30 Million additional investment of the Pangasinan III Electric Cooperative, Inc. (PANELCO III) during its last Board Meeting on November 17, 2017. PANELCO III Board President and concurrent REFC Director, Atty. Julius Cesar G. Peralta, presented his coop’s Board Resolution No. 107-s-10-2017, which was deliberated and duly approved in the said meeting.
On the same occasion, the remaining PASA Loan funds of the Antique Electric Cooperative, Inc. (ANTECO) in the amount of Php 7.7 Million was converted into an additional investment of the coop into REFC. The coop submitted its Board Resolution No. 133-17-s-2017 proposing the conversion of REFC’s remaining due balance to ANTECO into the coop’s additional investment to the corporation.
“These Php 37 Million in total of additional investments are very timely as we aim to fully subscribe REFC’s Php 700 Million capitalization,” said Board President Hinayon. “With the huge challenge given us by the NEA Administrator, we are most inclined to increase additional investments from our member-Electric Cooperatives (ECs) and we also encourage the other ECs which are still not part of our bandwagon for progress to join us in this noble cooperative endeavor for the rural electrification industry,” he added.