NEA extends P961M worth of loans to power co-ops
INQUIRER FILE PHOTO
Thirty-one electric cooperatives (ECs) secured a total of P960.85 million in funding as of end-August, the National Electrification Administration (NEA) said.
Of the total, 10 ECs tapped P505.76 million in calamity loans to rehabilitate damaged power distribution systems due to typhoons “Kiko” and “Odette,” data from NEA showed.
These were Batanes Electric Cooperative Inc. , Palawan Electric Cooperative Inc., Bohol I Electric Cooperative Inc. (Boheco I), Bohol II Electric Cooperative Inc. (Boheco II), Cebu I Electric Cooperative Inc., Negros Oriental I Electric Cooperative Inc., Leyte IV Electric Cooperative Inc. (Leyeco IV), Southern Leyte Electric Cooperative Inc., Misamis Oriental II Electric Cooperative Inc. and Surigao del Norte Electric Cooperative Inc.
More developments
The agency also extended P303.73 million to 19 power co-ops for their capital expenditure projects.
These are: Basilan Electric Cooperative, Inc., Boheco I, Boheco II, Bukidnon Second Electric Cooperative, Inc., Camarines Sur I Electric Cooperative Inc., Camarines Norte Electric Cooperative Inc., Davao Oriental Electric Cooperative Inc, First Laguna Electric Cooperative Inc., Iloilo III Electric Cooperative Inc., La Union Electric Cooperative Inc., Leyeco IV, Northern Samar Electric Cooperative Inc, Quezon I Electric Cooperative Inc., Quezon II Electric Cooperative Inc., Siargao Electric Cooperative Inc., Surigao del Sur I Electric Cooperative Inc, Tarlac I Electric Cooperative Inc., Zamboanga del Sur II Electric Cooperative Inc. and Zamboanga del Norte Electric Cooperative Inc.
Abra Electric Cooperative Inc, Busuanga Island Electric Cooperative Inc., Camarines Sur III Electric Cooperative Inc. and Camotes Electric Cooperative Inc. obtained P101.36 million in working capital loans.
Lanao del Norte Electric Cooperative Inc., meanwhile, tapped a short-term credit facility of P50 million.
NEA provides, among others, regular, calamity and concessional loans, stand-by and short-term credit loans, single-digit system loss, renewable energy and modular generator set loans.
