NEA facilitates P1b worth of loans to 28 electric co-ops

By Alena Mae S. Flores – January 11, 2024, 8:35 pm
from manilastandard.net

State-owned National Electrification Administration (NEA) said Thursday it facilitated P1 billion worth of loans to 28 electric cooperatives (ECs) in 2023.

Latest report from NEA’s accounts management and guarantee department (AMGD) showed that about P27 million worth of loans was processed in December to mostly fund the working capital of ECs.

The agency said 19 ECs accessed capital expenditure loans amounting to P474.69 million.

These include electric cooperatives in Basilan, Bohol, Bukidnon, Camotes Islands, Davao del Sur, Iloilo, Laguna, Leyte, Misamis Oriental, Negros Occidental, Northern Samar, Quezon Province, Siargao, Siasi, Sorsogon, South Cotabato, Surigao del Sur, Tawi-Tawi and Zamboanga del Norte.

NEA said 11 ECs operating in Antique, Aurora, Batanes, Bohol, Camiguin, Central Pangasinan, Laguna, Lanao del Norte, Misamis Oriental, Negros Oriental, and Zamboanga del Sur were granted loans for their working capital requirements.

Also included in the same AMGD report are the P12.85-million loan of Misamis Oriental I Rural Electric Service Cooperative, Inc. (MORESCO I) for its modular generator set and the P50-million short-term credit facility of Lanao del Norte Electric Cooperative Inc. (LANECO).

NEA said it processed the said loans using the funds earmarked for its Enhanced Lending Program. Its total releases exceeded its 2023 target of P700 million by 143.22 percent.

NEA said it is working with the Department of Energy, the ECs, local government units and other stakeholders to accelerate government’s vision of 100-percent electrification nationwide by 2028.