We optimized capital allocation of all funds for operational and capital expenses while maintaining stable target selling prices and annual revenues. In ensuring the financial and non-financial returns of our investors, we enforced sound financial management strategies through fully-funded business plans, secured grants and concessional financings, and the completion of timely Debt Service and Dividend payouts. We also increased revenue by building a positive brand image and reputation, and improving our contract portfolio.
Risks are inevitable, and for our financial operations, these include a mismatch in contracting cycles on some of our plants, climate change impacts, and the volatility of interest and foreign exchange rates. In contracting, we bridged capacity through replacement in power contracting and long-term projects, with higher rates based on the market outlook. In addition, we explored hedging activities and regular monitoring of Interest Rate (IR) and FOREX risks, along with other economic indicators. We ensured no loan defaults, regular attendance to bank economic briefings, and constant communication with banks.
Sourcing funds during the pandemic was still challenging. We managed this by nurturing banking and investor relationships through transparency and good communication. We also forged collaborations with external partners and with the right customers. These include those who lean more on environmental, social, and governance (ESG) investments. This allowed us to boost our financial performance while engaging with partners with whom we share the same goals.
EDC also explored new sources of financing that support renewable energy investments. We secured fixed-rate, medium- to long-term debt, and equity financing for our growth projects, such as the Palayan Bayan Binary Project and the Mindanao 3, other capital expenditure projects, and refinancing for our bullet maturities. We also explored business expansion opportunities with the Retail Competition and Open Access (RCOA) and Green Energy Option Program (GEOP), widening the market base for contracting and other ancillary services.
We engaged with our suppliers to improve our technology and processes while decreasing the input costs. We also leveraged through digital financial transformation, such as shifting some of our operations to electronic or automated processes.
In addition, we took further steps in future-proofing EDC, which include insuring for Business Interruption and connecting with our shareholders better.