REFC

Conceived as an alternative financing source and service provider for the Philippine Electric Cooperatives (ECs) in the midst of a restructured and reformed electric power industry under the EPIRA Law (R.A. 9136), the Rural Electrification Financing Corporation (REFC) was created in 2000 through a Memorandum of Agreement between NEA, PHILRECA, and NRECA and the collaborative effort of pioneering EC leaders with various local and foreign institutions such as USAID and IFC.

The Securities and Exchange Commission (SEC) granted REFC a Certificate of Authority and a Certificate of Incorporation in August 2001.

Growth and Expansion

Since its inception in 2000, REFC has steadily grown from its initial authorized capital of PHP 200 million with 30 EC investors to its recently approved authorized capital of PHP 1.5 billion with 113 investors — and continues to grow.

REFC’s core function is to provide supplemental loans to its member ECs at the lowest possible lending rate in order for them to achieve their goal of delivering adequate, dependable, and high-quality electric service to their communities.

PHP 1.5B

Authorized Capital

113

Electric Cooperative Investors

REFC and RETC Partnership

In the course of its operations, it became clear that Electric Cooperatives needed additional support services beyond financing. In response, REFC established its wholly-owned subsidiary, Rural Electrification Trading Corporation (RETC).

RETC expands financing programs through the provision of technology-driven and cost-effective materials, equipment, consulting services, and other operational support.

Commitment to Electric Cooperatives

By providing Philippine Electric Cooperatives with an assured source of funds and aiming to become their preferred service provider, REFC and RETC work together to help ECs achieve sustainable growth and operational excellence.

Both organizations remain responsive to the evolving financial and operational needs of their member EC investors. Through their programs and initiatives, they have also helped develop practitioners who have become recognized experts in the rural electrification sector — whether in management, technical, financial, or institutional fields.

Board of Directors

The leadership of REFC is composed of experienced professionals from the electric cooperative sector dedicated to advancing rural electrification in the Philippines.