NEA facilitates P1.8-b loans for 36 electric cooperatives

By Alena Mae S. Flores – January 23, 2025, 6:50 pm
from manilastandard.net

State-run National Electrification Administration (NEA) said it facilitated P1.8 billion worth of loans, benefiting 36 electric cooperatives (ECs) in 2024.

This is higher than the loans to ECs reaching P1 billion in 2023 based on data from NEA’s accounts management and guarantee department (AMGD).

The NEA said in a statement the bulk of the funds worth P1.19 billion went to the capital expenditure projects of 30 ECs.

These ECs serve consumers in Bataan, Bohol, Bukidnon, Camarines Sur, Capiz, Cebu, Davao del Sur, Iloilo, Leyte, Masbate, Misamis Oriental, Negros Oriental, Northern Samar, Nueva Ecija, Romblon, South Cotabato, Sultan Kudarat, Sulu, Surigao del Norte, Surigao del Sur, Tarlac and Zamboanga del Norte.

The NEA-AMGD also processed working capital loans worth P607 million distributed to 11 ECs in Capiz, Camarines Sur, Camotes Island, Davao del Norte, Guimaras, Kalinga Apayao, Marinduque, Negros Oriental, Sultan Kudarat and Ticao Island.

Bohol I Electric Cooperative, Inc. (BOHECO I) borrowed P13.33-million as calamity loan to finance the rehabilitation of the Janopol Mini-Hydro Power Plant, which was damaged by super typhoon ‘Odette’ in 2021.

The NEA, under the incumbent administration, provides financial assistance to its partner ECs through its enhanced lending program, which aims to ensure their operations will continue for the benefit of their member-consumer-owners.

The ELP includes regular, calamity and concessional loans, stand-by and short-term credit loans, single-digit system loss, renewable energy and modular generator sets loan.

The agency is working with the Department of Energy, local government units, ECs and other stakeholders to ensure the realization of the government’s total electrification target by 2028.