In Photo: (Seated from L-R) Edgardo R. Masongsong, General Manager-Bukidnon Second Electric Cooperative, Inc. (BUSECO); Eligio C. David, Jr., Board President-BUSECO; Omar Byron T. Mier, Acting President-Philippine National Bank (PNB); Lydia N. Orial, President-LGU Guarantee Corporation (LGUGC); and Ma. Elena B. Piccio EVP-PNB Institutional Banking Group.
(Standing from L-R) Jihad Karlo S. Mariano, Credit Manager-PNB; Marie Christine Sandra S. Vivar, Senior Manager-PNB Government Banking; James Edward G. Ang, Relationship Manager-PNB Government Banking; Allan D. Belgica, Operations Department-LGUGC; Erwin Rommel S. Nonato, FVP-PNB Government Banking; Alan Townsend, Senior Energy Specialist East Asia and Pacific Region-World Bank; Rosie M. Alanillo, Accounts Management Manager-National Electrification Administration (NEA); Cenon C. Audencial, Jr., FSVP-PNB Government Banking Group.
Philippine National Bank (PNB) in partnership with LGU Guarantee Corporation (LGUGC) and World Bank granted a P213.880 Million 10-year term loan for Bukidnon Second Electric Cooperative Incorporated (BUSECO), a non-stock, non-profit rural electric cooperative. BUSECO provides electricity to central and northern sides of Bukidnon Province with more than 74,000 household connections covering the City of Malaybalay and 9 other municipalities.
The 10-year term loan will be used to partially finance BUSECO’s capital expenditure projects which aim to reduce system losses, improve the quality of electric service and meet the government’s electrification target as mandated under the Energy Power Industry Reform Law. A ceremonial signing was done last December 13, 2012 between PNB, BUSECO and LGUGC at the Philippine National Bank Financial Center in Pasay City. Representatives from World Bank and National Electrification Administration (NEA) were also present. BUSECO is the first Electric Cooperative that was granted a 10-year term loan by PNB and LGUGC.
The Bank’s drive to support rural electric cooperatives thru its Government Banking Division led by Executive Vice President Ma. Elena B. Piccio of PNB’s Institutional Banking Group aims to assist the financial requirements of national and local government for the full electrification of the countryside.
PNB also provides various types of government loans to Government Owned and Controlled Corporations (GOCC’s), National Government Agencies (NGA’s) and Local Government Units (LGU). For more information, you may visit the nearest PNB branch or call any of the following numbers: 526.3245 or 526.3131 locals 4548 or 5239. You may also visit www.pnb.com.ph.