• NEWS
    • NATION
    • CORDILLERA
  • BUSINESS
  • GREEN
  • OPINION
    • EDITORIAL
  • FEATURE
  • FACT CHECK
  • HEALTH
  • LIFESTYLE
  • LITERATURE
  • SPORTS
  • ADVERTORIALS
  • ABOUT US
    • CONTACT US
Baguio Chronicle
  • NEWS
    • NATION
    • CORDILLERA
  • BUSINESS
  • GREEN
  • OPINION
    • EDITORIAL
  • FEATURE
  • FACT CHECK
  • HEALTH
  • LIFESTYLE
  • LITERATURE
  • SPORTS
  • ADVERTORIALS
  • ABOUT US
    • CONTACT US
No Result
View All Result
  • NEWS
    • NATION
    • CORDILLERA
  • BUSINESS
  • GREEN
  • OPINION
    • EDITORIAL
  • FEATURE
  • FACT CHECK
  • HEALTH
  • LIFESTYLE
  • LITERATURE
  • SPORTS
  • ADVERTORIALS
  • ABOUT US
    • CONTACT US
No Result
View All Result
Baguio Chronicle
No Result
View All Result
Home News

CAR remains top veg producer

Angel Castillo by Angel Castillo
April 23, 2021
in News
Reading Time: 1 min read
5
SHARES
18
VIEWS

A RECENT P160 million loan and investment acquired by the Benguet Electric Cooperative Inc., (BENECO) is under audit for supposed violation of proper protocols..

According to the National Electrification Administration (NEA), the NEA’s audit department is in the process of conducting a financial and management audit of the BENECO P160 million loan from its P300 million credit line.

BENECO had supposedly invested the P160 million into the Rural Electric Finance Corporation (REFC). 

ADVERTISEMENT

NEA BAC-Secretariat Chairperson Oswaldo Gabat said that the BENECO maneuver is in violation of NEA protocols and is therefore undergoing investigation to verify the details.

According to Gabat, BENECO is allowed to take short-term loans from any financial entity in accordance with NEA policy and existing national laws. 

However, investments into any company or corporation is required to go through NEA approval.

Gabat said that the P160 million investment into the REFC was made without NEA approval or consent, or even prior information, in clear violation of NEA policy.

He also said that sanctions for BENECO will be deliberated on based on the results of the audit of the loan and the investment into the REFC.

ADVERTISEMENT
Previous Post

Busol locals seeking portion of watershed for residence

Next Post

CAR remains top veg producer

Angel Castillo

Angel Castillo

Angel graduated with a bachelor's degree in Journalism from the University of the Philippines Baguio. As the youngest on the team, he writes on mental health and well being, and the millennial’s point of view.

Related Posts

Another rabbit farm to rise in Sto. Tomas`

September 14, 2023

BWD optimistic after new well projects show high yield

September 14, 2023

City Hall reimplements plastic ban within its walls

City tests the waters with new solar agreement

Storm forces certificate of candidacy extension in Abra

Magalong to link up local drug councils with int’l support

Latest Stories

On Point – Leading the Community

September 14, 2023

Grassroots, etc. – Barcelona – an age friendly city – not just a favorite tourist destination

September 14, 2023

How 7 youths and a Facebook page grew the opposition in Apayao: Kabugao Youth and the contested Gened dams

September 14, 2023

Baguio Chronicle

 

The Baguio Chronicle is the fastest- growing news publication in Northern Luzon today. It was established on December 6, 2009 in Baguio City.

© 2022 The Baguio Chronicle Website Design and Development by Neitiviti Studios.

No Result
View All Result
  • NEWS
    • NATION
    • CORDILLERA
  • BUSINESS
  • GREEN
  • OPINION
    • EDITORIAL
  • FEATURE
  • FACT CHECK
  • HEALTH
  • LIFESTYLE
  • LITERATURE
  • SPORTS
  • ADVERTORIALS
  • ABOUT US
    • CONTACT US

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In