REFC receives Capital Infusion from 4 Investor-ECs in Q2
The Rural Electrification Financing Corporation (REFC) received additional investments from four (4) Electric Cooperatives (ECs) amounting to more than Php5 Million. The Iloilo III Electric Cooperative, Inc. (ILECO III) and the Zamboanga del Norte Electric Cooperative, Inc. (ZANECO) each had additional investment Php1.5 Million last April. While in June, the Dinagat Island Electric Cooperative, Inc. (DIELCO) and Siargao Electric Cooperative, Inc. (SIARELCO) each had initially invested Php1 Million and Php 1,076,072.59, respectively.
The ECs’ investments are turned into available funds for member coops rural electrification projects. REFC’s mission is to provide the ECs with financial and related assistance to improve their operations through increased revenue generation, dependable service reliability and enhanced operational efficiency.
REFC Board President Iglorio Hinayon said: “I welcome the additional investments of ILECO III and ZANECO, as well as the initial investments of DIELCO and SIARELCO. It is our hope to unite all the 121 ECs around the country and become part of the REFC family in order to help each other and stand together to face the challenges that the future may bring. There is nothing difficult that we cannot overcome when we join forces and pool our resources together.”