BAGUIO CITY – Member-consumer-owners (MCOs) of the Benguet electric Cooperative (BENECO) were able to raise more than P26 million as share capital to support the registration of the electric cooperative with the Cooperative Development Authority (CDA).
BENECO general manager Engr. Melchor S. Licoben disclosed that the P26 million share capital came from more than 39,000 consumers with a minimum of 20 shares that is equivalent to P20, each.
He disclosed that consumers who want to pay their share capital or add on to their initial share capital should visit the main headquarters of the electric cooperative along South Drive to pay the same.
For those who completed the payment of their share capital and want to obtain a copy of their respective share capital certificate, the BENECO official advised the members to visit the main headquarters along South Drive to secure their respective certificates.
BENECO declared with the CDA an authorized capital of P1.1 billion with a subscribed capital of more than P279 million and a paid-up capital of more than P69 million which must be raised by the consumers through their prescribed minimum share capital or more.
Licoben revealed that the share capital of the members will be earning interest depending on the income to be declared by the business venture where their money will be invested.
According to him, the share capital of the members will be used to put up additional renewable energy plants within BENECO’s franchise area to increase the supply of renewable energy infused to the grid to contribute in the overall efforts to reduce the high cost of power being charged to the consumers.
Earlier, BENECO opted to register with the CDA as one of the measures to prevent the possible takeover of the electric cooperative by moneyed private power distribution utilities that will surely translate to much higher power rates because of their very nature as profit-driven companies compared to cooperatives which have a strong member-need and service-driven mandate.
The BENECO general manager urged the MCOs to voluntarily pay their minimum share capital of 20 shares equivalent to P2000 and for those who can afford, to add on to their share capital so that the electric cooperative can raise the prescribed paid-up.
Licoben argued that instead of BENECO borrowing from the banks with a higher interest to be able to implement its planned power generation projects, it is still best that the member-consumers as owners, fund these through their share capital and for them to value the importance of cooperatives and elevate the status of BENECO to greater heights even if it has already been classified as a Triple A electric cooperative.