Five power co-ops borrow P123M

By Jordeene B. Lagare- May 18, 2021
from The Manila Times

Five electric cooperatives (ECs) took out P123.118 million in loans to improve their respective electrification infrastructure, the National Electrification Administration (NEA) said on Monday.

These ECs are Bantayan Island Electric Cooperative, Inc. (Banelco); La Union Electric Cooperative, Inc. (Luelco); Quezon I Electric Cooperative, Inc. (Quezelco I); Bohol II Electric Cooperative, Inc. (Boheco II); and Bukidnon Second Electric Cooperative, Inc. (Buseco).

The largest amount of loans, or P74.591 million, went to Luelco for the construction, installation, and commissioning of its 15 MVA Sison substation and 69-kV subtransmission lines.

Buseco borrowed P21.534 million for the purchase of kilowatt-hour meters and other materials, and for the upgrade of its secondary lines.

Boheco II obtained P18.437 million to fund the construction of its main building in Jagna, Bohol.

The agency also provided Banelco a P5 million working capital loan for its power accounts, while Quezelco I received P3.557 million for the procurement of two trucks intended for the use of its line workers.

The additional loan releases brought the total amount of NEA loans to ECs, including calamity loans, to P225.560 million from January to April 2021, based on the data of the agency’s Accounts Management and Guarantee Department (AMGD).

The NEA has been providing loans to power co-ops through its Lending and Guarantee Program.

For this year, the agency is targeting to extend P500 million in loans to ECs, excluding calamity loans.