The National Electrification Administration (NEA) has extended P364.54 million worth of loans to electric cooperatives (ECs) at the end of September this year.
Of the amount, P261.462 million was utilized finance capital expenditure (capex) projects and working capital requirements of 11 ECs. The remaining P103.080 million was recorded as calamity loan availed by 12 ECs.
The state agency said P189.059 million was lent to 10 ECs for their respective capex projects. These ECs are Cagayan Electric Cooperative II, Camarines Sur Electric Cooperative I and III (CASURECO), Davao del Norte Electric Cooperative, Masbate Electric Cooperative (MASELCO), Misamis Oriental Rural Electric Cooperative I (MORESCO I), Sulu Electric Cooperative, Surigao del Sur Electric Cooperative I, Ticao Island Electric Cooperative and Quezon Electric Cooperative I (TIELCO).
About P38.762 million went to MORESCO I for the procurement of modular generator sets and P33.641 million to the Occidental Mindoro Electric Cooperative Inc. (OMECO) as working capital.
The ECs that availed of calamity loans were CASURECO III, Iloilo Electric Cooperative III, Lubang Electric Cooperative, Marinduque Electric Cooperative, MASELCO, Northern Samar Electric Cooperative, Occidental Mindoro Electric Cooperative, Oriental Mindoro Electric Cooperative, Sorsogon Electric Cooperative I and II, Tabas Island Electric Cooperative and TIELCO.
NEA said they incurred significant damages from previous typhoons “Ursula” and “Tisoy.”
A calamity loan has a 10-year repayment term, with a grace period of one year and an interest rate of 3.25 percent per annum.