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Friday, January 15, 2021

Geothermal coop gets P1M loan

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The Southern Negros Geothermal Community Cooperative received P1 million in credit facility from the Land Bank of the Philippines to expand its services for livelihood projects in the community

Present at the ceremony at the conference hall of SNGPF in Barangay Ticala, Valencia were chief executive officer and vice president of the Energy Development Corp., Paul Aquino, EDC-Southern Negros Geothermal Production field manager Dwight Maxino, and Valencia Mayor Rodulfo Gonzalez Jr.

The loan will be paid through amortizations spread through the paying years to help lessen the burden of the cooperatives in paying for the loan.

Aquino said LBP has been their partner in providing added capital for community cooperatives in all geothermal production fields in the country.

He said the infusion of fresh capital will enable SONEGCO to fulfill its contractual obligations more efficiently and ultimately translate to more projects and steadier income for the members.

EDC has been tapping the services of SONEGCO for contractual and maintenance work like civil works, slope stabilization, pipeline maintenance and plantation establishment.

SONEGCO chairman Isidro Alviola said they are happy that LBP trusted their cooperative by allowing them to borrow the amount.

He promised to use the money properly for the development of the cooperative so they can fulfill their monthly obligations to LBP.

SONEGCO is composed of 11 community associations representing the EDC’s primary partner barangays as part of the Corporate Social Responsibility program.

EDC has awarded more than a hundred small-scale projects to SONEGCO since it was established two years ago.*MA

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