China Savings Bank Extend Credit Line to REFC
China Savings Bank recently extended to REFC Php100 Million credit facility to augment the Corporation’s funds so that critical projects of borrowing-ECs will be implemented on time.
“There are various projects in the approved loans pipeline of REFC that need funding so that we thought it wise to avail of this credit facility from China Bank in order to fund EC approved loans. This sum will surely go a long way to sustain the growing demand for fresh loans from member coops. We have to admit that our coffers are short in cash so we need to devise ways to get the needed funds to finance all the rural electrification projects coursed through REFC,” said Board President Iglorio Hinayon.
The REFC Board of Directors acted in line with its vision of providing the ECs with assured source of funds at the lowest possible lending rate. Member ECs can rest assured that their loan needs are well taken care of by their very own corporation committed to deliver an expedient quality service for financial loan packages at the least time possible through simplified documentary and procedural requirements.