Message of the President during the 2018 Annual Stockholders Meeting
It is for me both an honor and privilege to present to, erstwhile 97, now 103 Electric Cooperative - Investors, the Cantingas Mini-Hydro Power Corporation and the NRECA Electricity for Progress (NEP) the state of operations of the Rural Electrification Financing Corporation (REFC) and its subsidiary, the Rural Electrification Trading Corporation (RETC) for the fiscal year 2017.
Our company’s continued growth all these years truly reflect our theme for the year that was: “Strategic Transformation”. Indeed, we cannot talk about how we transformed our very own corporation without aiming for improvement based on year on year comparisons, and achieving the goals we set in order to succeed in our endeavors for the Rural Electrification Program. We sustained growth and move on progressively in the past 15 years or so. There were hiccups along the way but with our concerted efforts we surpassed them all and reaped its fruits.
The 2017 operation has resulted another significant milestone for REFC with the majority of Stockholders voting to increase the authorized capital stock from PHP 700 Million to PHP 1.5 Billion. The capital stock increased from PHP 558.561 in 2016 to PHP 630.424 Million in 2017 and the increased in capital is the result of additional investments from current shareholders and the new member-investors. There were six (6) new investors, namely: 1) BATANELCO, 2) BOHECO II, 3) CHPC, 4) COTELCO PPALMA, 5) NEECO 1, and 6) SAMELCO 1.
Our lending activities for the year summed to PHP 241.310 Million loans extended to Borrower ECs to fund various projects crucial to their efficiency improvement. As the year 2017 ended, the company’s loan portfolio stands at PHP 611.020 Million. Indeed, we had a strategic transformation in 2017, envisioning a broader role for REFC in the Rural Electrification Sector in support of various business initiatives of the Rural Electrification Movement that will be beneficial for our member ECs and their Member Consumer Owners (MCOs). This may be an ambitious endeavor but I believe that we can do it. We only need to commit working together to attain our vision for our very own corporation.
With REFC’s transformation, and its subsidiary, the RETC, into a responsive institution providing timely financing and support services to our member EC investors, we reiterate the commitment of your Board of Directors to strictly uphold the best interest of our member Stockholders. And together with the Management Staff and our employees, we continue to commit on your very own corporation’s progress.
Thank you all for your patronage and Mabuhay tayong lahat!