THE National Electrification Administration (NEA) announced it has extended P846.71-million worth of loan assistance as of end-August this year to support the operations of 23 electric cooperatives (ECs).
The NEA’s Accounting Management and Guarantee Department reported that 16 ECs borrowed a total of P411.86 million for their capital expenditures. These were: First Laguna Electric Cooperative Inc.; Quezon I Electric Cooperative Inc.; Sorsogon I Electric Cooperative Inc.; Iloilo III Electric Cooperative Inc.; Northern Negros Electric Cooperative Inc.; Camotes Electric Cooperative Inc.; Bohol II Electric Cooperative Inc.; Leyte V Electric Cooperative Inc.; Zamboanga del Norte Electric Cooperative Inc.; Misamis Oriental I Rural Electric Service Cooperative Inc. (Moresco I); Bukidnon Second Electric Cooperative Inc.; Davao del Sur Electric Cooperative Inc.; Siasi Electric Cooperative Inc.; Basilan Electric Cooperative Inc.; Siargao Electric Cooperative Inc.; and, Surigao del Sur I Electric Cooperative Inc..
Meanwhile, a total of P372 million worth of loans were utilized for the working capital of the following: Central Pangasinan Electric Cooperative Inc.; Aurora Electric Cooperative Inc.; First Laguna Electric Cooperative Inc.; Antique Electric Cooperative Inc.; Zamboanga del Sur II Electric Cooperative Inc.; Lanao del Norte Electric Cooperative Inc. (Laneco); and, Misamis Oriental II Electric Cooperative Inc.
The NEA said Moresco I borrowed P12.85 million for its modular generator set while P50 million worth of short-term credit facility loan was availed by Laneco.
The NEA has been offering financial assistance to ECs through its enhanced lending program, which consists of regular, calamity and concessional loans, stand-by and short-term credit loans, single-digit system loss, renewable energy and modular generator set loans.
The NEA oversees 121 ECs nationwide.
