NEA grants P560m worth of loans to electric cooperatives
By Alena Mae S. Flores – July 14, 2023, 8:15 pm
from manilastandard.net
The National Electrification Administration said it granted P560.66 million worth of loans to 18 electric cooperatives as of end-June 2023.
Data gathered from the NEA’s accounting management and guarantee department showed that P225.81 million was utilized for the capital expenditure loans of 13 ECs.
These are 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., Leyte V Electric Cooperative Inc., Zamboanga del Norte Electric Cooperative Inc. and Misamis Oriental I Rural Electric Service Cooperative Inc.
The other ECs are Bukidnon Second Electric Cooperative Inc., Siasi Electric Cooperative Inc., Basilan Electric Cooperative Inc., Siargao Electric Cooperative Inc. and Surigao del Sur I Electric Cooperative Inc.
The NEA lent six ECs a total of P272 million for their working capital requirements. These are Central Pangasinan Electric Cooperative, First Laguna Electric Cooperative Inc., Antique Electric Cooperative Inc., Zamboanga del Sur II Electric Cooperative Inc., Lanao del Norte Electric Cooperative Inc. and Misamis Oriental II Electric Cooperative Inc.
About P12.85 million went to Misamis Oriental I Electric Cooperative Inc. for the acquisition of a modular generator set.
Meanwhile, Lanao del Norte Electric Cooperative Inc. availed of P50 million as a short-term credit facility.
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.
