The National Electrification Administration (NEA) on Monday announced that 87 percent of the country’s 121 electric cooperatives (ECs) received a triple-A rating, the highest possible grade, last year.
Nine ECs, or 7 percent, were rated AA and five ECs, or 4 percent, were rated A.
It placed under category B seven ECs; Category C, six ECs; and Category D, seven ECs.
NEA Administrator Emmanuel P. Juaneza commended ILECO Ill and SIARELCO for being the highest performers in the 2021 overall operations for on-grid and off-grid operations, respectively.
Nine ECs have improved categories across all performance levels with QUIRELCO as the most improved EC from Category B to AAA.
Juaneza also commended Regions 6, 8 and Caraga for sustaining excellent performance as a region with all their ECs consistently rated AAA, and Region 3 as the most improved region having all their 14 ECs assessed as AAA for the first time.
“The EC Overall Performance Assessment aims to measure the ECs’ financial, institutional and technical performance, thus determining credit worthiness, level of development, protection, empowerment and satisfaction of member-consumer-owners [MCOs], and to promote accountability and responsibility in ECs’ compliances and fiduciary obligations. This also serves as a basis for crafting performance incentive mechanisms for the ECs,” NEA said in a news statement.
The agency acknowledged the resiliency and vigilance of the ECs in coping with the challenges on the effects of the Covid-19 pandemic, natural calamities and pressing economic and political issues and concerns.