More than Php70M Loans approved in 2nd Quarter
The Rural Electrification Financing Corporation (REFC) Board of Directors approved a total of Php72,047,642.50 worth of loans during the second quarter of 2018. These were the working capital loan of Isabela II Electric Cooperative, Inc. (ISELCO II) amounting to Php50,875,000 last May and, in April, the commodity loan of the Iloilo II Electric Cooperative, Inc. (ILECO II) in the amount of Php21,172,642.50.
“ISELCO II’s loan is for the renovation of its headquarters facilities. We know how important these are in the security of the coop’s premises and its electric equipment. While for ILECO II, its commodity loan is for acquisition of Southern Yellow Pine wood poles and crossarms. We can assure our member coops that the products we provide are genuinely sourced mainly from the U.S. and of high quality standards,” remarked REFC Board President Iglorio Hinayon.
The REFC, together with its subsidiary, the Rural Electrification Trading Corporation (RETC), is one with the national government’s aspiration of providing reliable electric service to the people. It is to this end that the corporation aims to be a provider of choice for the ECs’ electrification needs, both in their financial and technical requirements.