Security Bank seals term loan deal with electric cooperative

Security Bank Corporation, through its Banking Centers Group, signed a PhP500-million credit facility with Central Negros Electric Cooperative, Inc. (CENECO). The facility consists of a P400-million term loan guaranteed by the World Bank’s Electric Cooperative Partial Credit Guarantee (ECPCG) Program and by LGU Guarantee Corporation (LGUGC). Apart from the term loan, Security Bank has provided CENECO with a P100-million short term line to support its increasing power supply requirement. This credit facility will aid CENECO in enhancing the quality of electric service in its coverage area and in meeting the government’s electrification targets and safety standards. A recipient of multiple awards from the National Electrification Administration, CENECO is the second largest electric cooperative in the country in terms of revenue. It distributes power to more than 157,000 consumers in 158 barangays within four cities and two municipalities. The signing ceremony was held on July 8 at the CENECO head office in Bacolod City. The agreement was signed by key executives of the two companies, namely, Security Bank Visayas Banking Center Team Head and First Vice President Joyce So, CENECO Vice President Michael Maravilla, CENECO Board President Atty. Arnel Lapore, CENECO General Manager Sulpicio Lagarde, Jr., and LGUGC Vice President Thelma Sansales.