Land Bank Approves Php2 million Credit Facility for EDC-organized Federation in Bicol

Communities hosting the operations of geothermal energy firm Energy Development Corporation (EDC) in Sorsogon and Albay can look forward to a steadier income stream after their umbrella organization secured a credit line from state-owned Land Bank of the Philippines recently.

LAND BANK AWARDS P2 MILLION CREDIT LINE TO BICOL-BASED FEDERATION. Land Bank Vice President and Region 5 Head Maurice Feliciano (center) hands over to Reynaldo Sesbreno (4th from right), President of Federation of BacMan Host Communities (FEDBAHC), the cheque representing the PhP2 million credit facility for FEDBAHC’s livelihood projects. Looking on are (from left): Dick Manzanades of Land Bank–Legaspi; Cesar Buenaobra, Land Bank–Legaspi Branch Manager; Engr. Buddy Virata, EDC Bacman Resident Manager; EDC President Paul Aquino; and Manny Hizola of Land Bank’s Development Assistance Center.

The Federation of Bacman Host Communities (FEDBAHC), comprised of the nine community associations representing the barangays which host EDC’s Bacman Geothermal Production Field (BGPF), received Land Bank’s nod for a PhP 2 million peso-credit line through the latter’s Development Advocacy Program. EDC’s Corporate Social Responsibility (CSR) and Community Partnerships departments negotiated the loan for FEDBAHC.

In a cheque awarding ceremony held recently at the BGPF Base Camp in Sorsogon City, FEDBAHC President Reynaldo Sesbreno thanked Land Bank and EDC officials for the loan which, he said, will boost the Federation’s cash position to finance their various livelihood projects. FEDBAHC has been a recipient of more than a hundred small-scale projects from EDC—which include civil works, slope stabilization, and plantation establishment—since it was formed two years ago.

“With your guidance, you can be assured that we will continue to provide quality service to EDC and to our communities,” Sesbreno said. He added that the borrowed amount will be earmarked for labor and materials for the rehabilitation of Bacman infrastructure and facilities that had been damaged by Typhoon Dante.

Mauricio Feliciano, Land Bank Vice President and Regional Head, acknowledged both EDC and FEDBAHC for being the “channels” of the Bank’s mandate of strengthening the cooperative sector and promoting development in the countryside. “This means a lot to the project (Bacman), the environment and the host communities,” he said.

EDC President and CEO Paul Aquino pointed out that the fresh capital infusion will not only result to a steadier inflow of projects and income for FEDBAHC members, but will also teach the Federation valuable lessons in financial management.

“Since this is your first venture into loan acquisition and management, these lessons will be crucial for the sustainability of your organization and the success of your every entrepreneurial endeavor,” Aquino explained.

Registered with the Securities and Exchange Commission, FEDBAHC was incorporated on October 2, 2007. The Federation has a total membership of 1,991 households.

The Energy Development Corporation (EDC) is a pioneer in generating 100% clean, renewable, and reliable power as an electricity supplier in the Philippines for over 40 years. With power plants all over Visayas and Mindanao, the company is one of the biggest producers of geothermal energy in Asia and is expanding its reach in the international market, allowing it to offer customers affordable energy rates. EDC also strives to provide the best customer service it can to all its clients by having helpful salespeople and easy to understand contracts. Because of all of this, it is poised to become the premier supplier of electricity for the Philippines’ Green Energy Option Program. EDC takes its mission as a renewable energy provider seriously and goes beyond sustainability by investing in programs that enhance the environment and empower its partner communities, thereby fostering regenerative development. The company has also been working toward being carbon-neutral by improving its energy efficiency, as well as implementing various greening projects to ensure that its mission to provide future generations with a better life remains intact.