Power co-ops borrowed P1.8B to improve services
MANILA, Philippines — About 36 electric cooperatives (ECs) nationwide secured a total of P1.8 billion in loans in 2024 primarily to improve their services, according to the National Electrification Administration (NEA).
Data from the NEA’s accounts management and guarantee department showed that 66 percent or P1.19 billion of the borrowings was spent on capital expenditure (capex) projects of 30 ECs.
READ: Power cooperatives exempted from local gov’t taxes
Some of these co-ops are located in Bataan, Bohol, Bukidnon, Camarines Sur, Capiz, Cebu, Davao del Sur, Iloilo, Leyte, Masbate and Misamis Oriental.
Others are in Negros Oriental, Northern Samar, Nueva Ecija, Romblon, South Cotabato, Sultan Kudarat, Sulu, Surigao del Norte, Surigao del Sur, Tarlac and Zamboanga del Norte.
Projects
Capex projects are intended for various projects aimed at rehabilitating, upgrading and expanding the distribution system, add-ons and construction of substations and transmission lines.
Also, the NEA provided working capital loans totaling P607 million to 11 ECs catering to electricity consumers in Capiz, Camarines Sur, Camotes Island, Davao del Norte, Guimaras, Kalinga, Apayao, Marinduque, Negros Oriental, Sultan Kudarat and Ticao Island.
Meanwhile, Bohol I Electric Cooperative tapped a calamity loan of P13.33 million to finance the rehabilitation of the Janopol Mini-Hydro Power Plant, one of the facilities damaged by Supertyphoon “Odette” in 2021.
