Executives of Ilocos Norte and Bukidnon electric cooperatives under scrutiny for alleged embezzlement and theft charges.
Philippine officials from the Ilocos Norte Electric Cooperative (INEC) and First Bukidnon Electric Cooperative (FIBECO) are facing criminal charges over allegations of embezzling millions from employees' retirement funds.
The National Electrification Administration (NEA) announced on Tuesday, May 27, that syndicated estafa and qualified theft complaints had been filed against the cooperatives' top officials with the Department of Justice (DOJ). Antonio Mariano Almeda, NEA's administrator, revealed during a press briefing that a third electric cooperative was also under investigation for similar offenses.
In the INEC case, a syndicated estafa complaint was lodged for the misuse of around ₱118 million from the Employees’ Retirement Fund. Six former and current general and department managers are respondents in this case, suspected of conspiring to divert funds for personal gain.
For FIBECO, the former general manager is charged with qualified theft for the misappropriation of at least ₱20 million of the cooperative’s funds. He is accused of purchasing a parcel of land valued at ₱11.55 million that was never acquired and transferring ₱6 million to his personal account.
The cases stemmed from an alleged embezzlement of ₱150 million from a Central Luzon electric cooperative employee's retirement fund, which ultimately prompted the NEA to scrutinize the retirement funds of various electric cooperatives. The NEA, supported by the DOJ and the National Bureau of Investigation (NBI), is continuing investigations, with possible additional charges against officials of other electric cooperatives forthcoming.
Sources:[1] NEA, "Press Briefing", May 27, 2025.[2] NBI, "Case Build-up", May 27, 2025.[3] DOJ, "Criminal Complaints", May 27, 2025.[4] FIBECO Audit Report, "Qualified Theft and Land Purchase Investigation", April 27, 2025.
In the context of ongoing criminal investigations, several Philippine electric cooperatives, including the Ilocos Norte Electric Cooperative (INEC) and First Bukidnon Electric Cooperative (FIBECO,) are under scrutiny for embezzling millions from employees' retirement funds. These funds have allegedly been used for business purposes unrelated to their intended use, such as personal gain, land purchases, and general news of misappropriation. The National Electrification Administration (NEA) ([1],[3]) and the Department of Justice (DOJ) ([2]) have filed syndicated estafa and qualified theft complaints against the cooperatives' top officials. The NEA's ongoing investigations, in collaboration with the National Bureau of Investigation (NBI, [1]), may result in additional General News and Crime-and-Justice charges against officials from other electric cooperatives.
