January 30, 2014
BUSECO signed 25.8 M Credit Facility with SBC
The Bukidnon Second Electric Cooperative, Inc. (BUSECO) as an electric cooperative needs the assistance of financial institutions in implementing its Capital Expenditures Projects. Nevertheless, for an organization to be assisted, strong financial position must be substantiated.
BUSECO is pleased to inform its MCOs that the cooperative successfully signed a 25.888 Million Credit Facility with Security Bank Corporation guaranteed by ECPCG-LGUGC last January 28, 2015 at Security Bank Main Office, Makati City. It is worth noting that this facility is intended to finance the procurement of the new 10 MVA Power Transformer to be installed at the Lunocan Substation which was previously damaged by lightning.
Present during the ceremony signing were: for Security bank – EVP / Head – Wholesale Banking Segment Eduardo M. Olbes; FVP/Head – BREaD, Banking Centers Group Zenaida L. Tan; SVP / Head Banking Centers Group Jeannette S. Keh; Sylda T. Teves and Donabelle M. Marasigan. For LGUGC – President Lydia N. Orial; Thelma C. Sansales; Adrian G. Escuadra; and Lyn D. Vizcaya. For Department of Energy were Engr. Jonathan Teodisio and Engr. Verdick Idanan
For BUSECO were Board of Directors Pres. Eligio C. David Jr. , BOD VP Charlie C. Castillanes, BOD Secretary Edwin Galicia, BOD Treasurer Gloria Ranile, BOD Auditor Francis Boniao, BOD PIO Tarcisio Barros, Director Dioscora Ngoho, Director Alex Payangga, Director Rev. Fr. Danilo Paciente, General Manager Deiter Hoff P. Arellano, CPA, MBA, Corplan Manager Christopher Dulfo, FSD Manager Christy B. Escarro, Executive Secretary Ana Victoria Maturan and CCO Theresa Justaga.
This endeavor simply demonstrates the eagerness and sincerity of the cooperative to deliver reliable services to its Member Consumer Owners despite challenges. This also proves the creditworthiness of BUSECO which indicates that the cooperative is managed soundly not just technically but financially as well which is also very relevant as BUSECO steps closer to its dream of becoming a World Class organization.
Onwards and soar high BUSECO!
