NEA: P1.3B extended to co-ops in H1

By Jordeene Sheex Lagare – July 25, 2018
from The Manila Times

THE National Electrification Administration (NEA) granted loans worth P1.294 billion to at least 46 electric cooperatives in the first half of 2018 for their electrification and rehabilitation projects.

The amount represented a 23-percent increase from P1.050 billion in the same period last year, the state-run agency said on Tuesday.

According to NEA Accounts Management and Guarantee Department manager Leila Bonifacio, the loans included calamity loans. These have a 10-year repayment term with a maximum grace period of one year, and carries an interest rate of 3.25 percent per annum.

The Zamboanga City Electric Cooperative Inc. (Zamcelco) used the P145-million standby credit loan facility for power accounts to strengthen its creditworthiness with power-generation companies (gencos).

The Misamis Oriental II Electric Cooperative Inc. (Moresco II), Sultan Kudarat Electric Cooperative Inc. (Sukelco), and Agusan del Norte Electric Cooperative Inc. (Aneco) P74 million to buy modular generator sets.

Quezon I Electric Cooperative Inc. (Quezelco I) got P20 million to help settle its bills with gencos and the National Grid Corp. of the Philippines (NGCP).

The NEA will continue to help all 121 ECs under its wing in implementing their electrification projects, NEA Administrator Edgardo Masongsong said in a statement.

“This loan facility is part of the agency’s response to President Rodrigo Duterte’s directive of fast-tracking rural electrification and removing all barriers to the total electrification of the country,” he added.

“With this, we hope to capacitate the electric cooperatives with the infusion of much needed funds to expedite their projects and initiatives.”