State-owned Development Bank of the Philippines (DBP) and the Camarines Sur III Electric Cooperative (CASURECO III) recently signed a P624-million loan agreement in support of the electric coop’s various programs aimed at improving its services to more than 82,000 households, a top official said.
DBP president and chief executive officer Cecilia C. Borromeo said the loan will be used to finance the electric cooperative’s initiatives to improve power distribution and reduce systems loss as well as the training of its personnel.
With this approved loan to CASURECO Ill, DBP has already supported three electric cooperatives in Camarines Sur and Camarines Norte. Majority of the water districts in the Bicol Region are also funded by the DBP.
CASURECO III covers Iriga City and the towns of Nabua, Bato, Buhi, Balatan, Bula, and Baao with a combined population of around 412,450. It has accomplished 100% electrification of all 229 barangays in its areas of coverage. Incorporated in 1975, the electric cooperative was upgraded by the National Electrification Administration to Category C in 2016 and Category B the following year because of its compliance with key performance standards.
CASURECO III maintains deposits with DBP lriga. The electric cooperative has also availed of other DBP services such as payroll servicing, deposit pick-up, E-Gov facility, and salary loan program for its employees. A DBP ATM is also installed at the CASURECO III office to facilitate the delivery of electronic banking services to its officers, employees and customers.