Electric cooperatives paid out a total of about P2.3 billion in 2019 to service their loans, an increase of “at least 15 percent” over previous-year collections, according to the National Electrification Administration (NEA).
According to the NEA, last year’s collection was also P338 million, or 17 percent higher than the agency’s target of P1.96 billion.
“The early payment of outstanding loans by some cooperatives amounting to P94.35 million and increase in advance payment made by cooperatives of P283 million contributed to the attainment of high collection efficiency,” Milagros Robles, acting director of NEA’s finance services department, said in a statement.
The five best borrowers in terms of debt servicing were Occidental Mindoro Electric Cooperative, Nueva Ecija 2 Electric Cooperative (Area 2), Misamis Oriental 2 Rural Electric Cooperative, Central Pangasinan Electric Cooperative and First Laguna Electric Cooperative.
The NEA, which supervises 121 power cooperatives across the nation, provides various loan windows to bankroll their capital expenditure projects and rehabilitation of power distribution systems damaged by calamities. INQ