REFC welcomes CASURECO III as 100th EC-Investor
The Rural Electrification Financing Corporation (REFC) welcomes its 100th Electric Cooperative – Investor, the Camarines Sur III Electric Cooperative, Inc. (CASURECO III). The coop’s initial investment amounts to PhpFive Hundred Thousand Pesos (Php500,000.00) passed through a Board Resolution (BR No. 173, S-2017).
“CASURECO III is under NEA’s program to help ailing coops, with Engr. Wilfredo Bucsit appointed as Project Supervisor/Acting General Manager (PS/AGM), and three GMs of different ECs as members of the coop’s Board, who are trying their best effort to turn the coop around. And REFC aims to contribute its own share of helping the coop too,” said REFC Board President Iglorio Hinayon. “Lest we be construed to be open only to good performing coops, the REFC Board sends a message to the remaining 20 electric coops which are not yet member-investors that, as we welcome CASURECO III into the REFC family, we also open to the coop a window of opportunities wherein it may avail of loan packages to help in its day to day operations,” he added.
The coop’s Board Resolution cited an ERC letter of authorization issued in 2003 to utilize part of the Electric Cooperatives’ (ECs) reinvestment fund to be invested into REFC, whose mission is to provide the ECs with an alternative and additional source of funding to support their capital expenditure requirements.