PNB Signs Loan Term Agreement with MORESCO I

From left: MORESCO I Board President Melvin D. Eballe, MORESCO I General Manager Julie B. Real and PNB Government Banking Group Head SVP Allan L. Ang

The Philippine National Bank (PNB) and Misamis Oriental 1 Rural Electric Service Cooperative, Inc. (MORESCO I) entered into a Loan Agreement of up to P1.2 Billion 10-Year Term Loan Facility which will be used to finance the construction of transmission lines, rehabilitation and upgrading of existing distribution lines and system loss reduction projects. The proposed capital expenditure projects were approved by the Energy Regulatory Commission (ERC) in December 2014 which aims to ensure distribution system reliability and efficiency.

MORESCO I is registered with National Electrification Administration (NEA). It is rated AAA EC and categorized as Mega Large by NEA. MORESCO I was the first electric cooperative to be founded and organized in the Philippines on May 21, 1968.

MORESCO I currently services the electricity needs of the southern part of Misamis Oriental consisting of 10 Municipalities, namely, Alubijid, El Salvador City, Gitagum, Initao, Laguindingan, Libertad, Lugait, Manticao, Naawan and Opol. It has more than 72,000 connected households as of December 2014.