Php50 Million CAGELCO I Working Capital Loan Approved
The Cagayan I Electric Cooperative, Inc. (CAGELCO I) passed Board Resolution No. 11, series of 2018, through its Board of Directors, applying for a working capital loan from the Rural Electrification Financing Corporation (REFC) in the amount of Php50,875,000. The REFC Board unanimously approved the cooperative’s loan application during its Board Meeting held last March 15, 2018, which is intended for its power contract security deposit.
REFC Board President Iglorio Hinayon said: “We are happy to grant CAGELCO I’s loan application as it is a Super Prime coop and a long time member-investor which always pays its due to the corporation. Besides, the coop’s Board President is also our Vice-President for Corporate Affairs. And we are only fulfilling our mission of providing the Electric Cooperatives the available source of fund for their various electrification related projects.”
Electric Cooperatives (ECs) nationwide are continuously working to upgrade and maintain power lines for the benefit of member-consumers. And securing power contract is essential in delivering reliable electricity service. CAGELCO I serves twelve (12) municipalities in the province of Cagayan.