PNB extends P1.2-B loan to Misamis cooperative

Power infrastructure in Misamis Oriental is set to improve following the Philippine National Bank’s (PNB) approval of a fresh long-term loan to the province’s power cooperative.

In a statement, PNB said it had agreed to lend P1.2 billion to Misamis Oriental 1 Rural Electric Service Cooperative Inc. (Moresco I).

The loan will be used to finance “the construction of transmission lines, rehabilitation and upgrading of existing distribution lines and system loss reduction projects,” the bank said last week.

The proposed capital expenditure projects were approved by the Energy Regulatory Commission (ERC) in December 2014 and are expected to ensure distribution system reliability and efficiency.

MORESCO I services the electricity needs of the southern part of Misamis Oriental consisting of 10 municipalities.

It has more than 72,000 connected households as of December 2014.

MORESCO I is registered with National Electrification Administration (NEA). It is rated AAA EC and categorized as Mega Large by NEA. MORESCO I is a pioneer in the country’s rural electrification industry, being the first electric cooperative to operate in the Philippines.

Among the towns it serves is Laguindingan, location of one of the country’s newest international airports. The airport aims to serve as a hub for tourism and trade in Northern Mindanao.

The airport serves Mindanao’s vital Cagayan de Oro-Iligan corridor, which covers the cities of Iligan and Cagayan de Oro as well as five coastal towns in Lanao del Norte. Paolo G. Montecillo

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