MANILA, Philippines — State-run Development Bank of the Philippines (DBP) has extended loans amounting to P624 million to an electric cooperative from Camarines Sur to help improve its services to 82,000 households in the province. In a statement, DBP President and chief executive officer Cecilia Borromeo said the bank has signed a P624-million loan agreement with the Camarines Sur III Electric Cooperative (CASURECO III) to finance the cooperatives’ initiatives to improve power distribution and reduce systems losses in its area of service. With the approval of the loan, Borromeo said CASURECO III is now the third electric cooperative supported by the DBP in Camarines Sur and Camarines Norte. CASURECO III serves Iriga City and the towns of Nabua, Bato, Buhi, Balatan, Bula, and Baao, with a combined population of around 412,450. CASURECO III maintains deposits with DBP lriga, and has availed of other DBP services, such as payroll servicing, deposit pick-up, and salary loan program for its employees.

Source: Philippine Star February 15, 2019 16:08 UTC