NEA extends loans to electric coops worth P263.78m

By Manila Standard Business – April 18, 2024, 7:50 pm

State-run National Electrification Administration (NEA) said it granted P263.78 million worth of loans to 12 electric cooperatives (ECs) as of March 31, 2024.

Bulk or around P178.45 million was used for the capital expenditure (capEx) projects of nine ECs, according to the latest data from the NEA Accounts Management and Guarantee Department (AMGD).

These are the Tablas Island Electric Cooperative Inc. (TIELCO), Masbate Electric Cooperative Inc. (MASELCO), Iloilo II Electric Cooperative Inc. (ILECO II), Bohol I Electric Cooperative Inc. (BOHECO I) and Bohol II Electric Cooperative Inc. (BOHECO II).

The other ECs are Leyte V Electric Cooperative Inc. (LEYECO V), Bukidnon Second Electric Cooperative Inc. (BUSECO), South Cotabato I Electric Cooperative Inc. (SOCOTECO I) and Siasi Electric Cooperative Inc. (SIASELCO).

NEA said three ECs including Camarines Sur III Electric Cooperative Inc. (CASURECO III), Camotes Electric Cooperative Inc. (CELCO) and Negros Oriental I Electric Cooperative Inc. (NORECO I) availed of a combined P72-million loan for their working capital requirement.

BOHECO I borrowed P13.33 million as a calamity loan for the rehabilitation of the Janopol mini hydro power plant which was damaged by Super Typhoon Odette in 2021.

The NEA said it has been offering financial assistance to ECs through its enhanced lending program.