The National Electrification Administration (NEA) has congratulated the First Catanduanes Electric Cooperative, Inc. (FICELCO) for “a job well done” in successfully implementing its 2023 Sustainability Plan.
In a recent letter, Deputy Administrator for EC Management Services Omar M. Mayo lauded the FICELCO Board of Directors, thru Board President Dir. Rodulfo B. Vargas and General Manager Engr. Francis A. Gianan, for meeting the seven (7) parameters and standards of the Electric Cooperative (EC) Classification.
“NEA projected that the EC can sustain the AAA rating for 2023 despite the challenges encountered in its operation,” Mayo disclosed.
The commendation was given after the NEA received Board Resolution No. 08, Series of 2024 approving and endorsing the FICELCO One-Year Sustainability Plan (SP) for the period of January 1, 2024 to December 31, 2024, and the Memorandum of Commitment (MOC) with the NEA signed by all members of the Board and Management.
“In view thereof, minimal supervision in the implementation of the SP will be given to FICELCO as it has consistently sustained the AAA rating for the last two (2) years and the said 2024 plan will no longer be recommended for the approval of the NEA Administrator,” Mayo stated.
However, he cautioned that should the rating retrogress, the implementation of programs, projects and activities will still be again monitored from time to time to ensure that the targets are met and the AAA rating is sustained.
The NEA official recommended that the Board, Management and Staff render their full cooperation and best effort to attain the targets set in the 2024 SP.
He likewise urged the cooperative to prioritize programs that will sustain improvement in its financial, institutional and technical operations to be able to cope with the requirements of the electric power industry in Catanduanes.