NEA loans to electric co-ops hit P934.6M as of Oct 2023

MANILA  -The National Electrification Administration (NEA) has extended P934.56 million in loans as of end-October to support the operations of 24 electric cooperatives across the country as the government races to ensure full household electrification by 2028.

According to the NEA, the attached agency of the Department of Energy (DOE) tasked with rural electrification, P449.71 million was used to fund the capital expenditures of three electric cooperatives in Luzon, five in the Visayas and 10 in Mindanao.

Eight electric cooperatives, meanwhile, loaned a total of P422 million for their working capital.

Data from the NEA’s Accounting Management and Guarantee Department (AMGD) also showed that Misamis Oriental I Rural Electric Service Cooperative Inc. borrowed P12.85 million for its modular generator set.

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The remaining P50 million was used for the short-term credit facility loan of Lanao del Norte Electric Cooperative Inc.

The NEA regularly offers financial assistance to electric cooperatives through its Enhanced Lending Program.

The program consists of regular, calamity and concessional loans, stand-by and short-term credit loans, renewable energy and modular generator set loans.

AMGD likewise reported that the state-owned corporation already surpassed its P700-million loan release target for this year.

READ: 1,500 rural villages still won’t have electricity

President Marcos previously reiterated that some 5 million Filipinos still without access to power would have their homes energized by the end of his term.

DOE data show that the country’s household electrification level stands at 91.15 percent as of this year.