July 16, 2024

Benguet Electric Cooperative is back to its classification as a Triple A electric cooperative.

On July 5, the National Electrification Administration released the ratings of 121 electric cooperatives (EC) and Beneco was one of the ECs cited for an excellent 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 collective efforts of the board of directors, management, and employees. More importantly, the continuing trust and support of our member-consumer-owners,” Beneco General Manager Melchor Licoben said.

The rating was a rebound from Beneco’s double A in category in 2022 and category C in 2021 when it was at the midst of the pandemic and the leadership issue.

NEA Memorandum 2024-30 dated July 3 states Beneco is one of eight ECs that improved their performance level across all parameters.

ECs are rated annually and classified as category triple 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 in Baguio City on June 15. – Press release