BENECO is back to where it was years before – a Triple A electric cooperative.
The National Electrification Administration (NEA) released today the official ratings of the country’s 121 ECs and BENECO was one of the ECs cited for a fantastic performance in 2023 to grab the categorization it has enjoyed prior to 2020.
The rating meant the NEA, which regulates all ECs, gave BENECO high marks for its financial, institutional, technical and audit performance. The NEA evaluation is done yearly.
“The Triple A categorization is the result of the collective efforts of the Board of Directors, management and employees. More importantly, the continuing trust and support of our Member-Consumer-Owners (MCOs),” Melchor Licoben, BENECO general manager, said.
The rating was a rebound from BENECO’s category Double A in 2022 and category C in 2021 when it was at the midst of the pandemic and the leadership issue. NEA Memorandum No. 2024-30 dated July 3, 2024 said BENECO was one of eight ECs that “improved their performance level across all parameters.”
ECs in the country are rated annually and classified as category Tripple A, AA, B, C and D, the first being the highest.
The announcement confirmed what lawyer Vic Alvaro, deputy administrator of NEA’s corporate resources and financial services, said in his message during the Annual General Membership Assembly (AGMA) in Baguio City on July 15,, 2024, that the electric cooperative is back as Triple A although he cautioned from being quoted as the NEA has yet to release the official results.
Prior to the 2020 pandemic, BENECO has been among the top performing electric cooperatives in the country. Since 2017, it was recognized as Triple A. By Laarni Ilagan
