NEA lends P846.7m to electric cooperatives

By Alena Mae S. Flores – September 10, 2023, 6:55 pm
from manilastandard.net

State-run National Electrification Administration (NEA) said over the weekend it extended P846.71 million worth of loans to 22 electric cooperatives as of end-August 2023.

Data from NEA’s accounting management and guarantee department showed that 16 ECs availed of capital expenditure loans amounting to P411.86 million.

These ECs include 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., Camotes Electric Cooperative Inc., Bohol II Electric Cooperative Inc., Leyte V Electric Cooperative Inc., and Zamboanga del Norte Electric Cooperative Inc.

Other ECs are Misamis Oriental I Rural Electric Service Cooperative Inc., Bukidnon Second Electric Cooperative Inc., Davao del Sur Electric Cooperative Inc., Siasi Electric Cooperative Inc., Basilan Electric Cooperative Inc.. Siargao Electric Cooperative Inc. and Surigao del Sur I Electric Cooperative Inc.

Meanwhile, NEA said seven ECs borrowed a total of P372 million for their working capital needs.