Home Economy NEA loans to power co-ops hit P263.78M in first quarter

NEA loans to power co-ops hit P263.78M in first quarter

PHILSTAR

THE National Electrification Administration (NEA) said it lent P263.78 million in loans to 12 electric cooperatives in the first quarter of 2024.

Citing a report from its Accounts Management and Guarantee department, the NEA said that P178.45 million helped fund capital expenditure projects of nine electric cooperatives.

Meanwhile, three electric cooperatives availed of P72 million for working capital. These borrowers are Camarines Sur III Electric Cooperative, Inc., Camotes Electric Cooperative, Inc., and Negros Oriental I Electric Cooperative, Inc.

Bohol I Electric Cooperative, Inc. took on a P13.33 million calamity loan to rehabilitate the Janopol Mini-Hydro Power Plant which NEA said was damaged by Super Typhoon Odette in 2021.

“The NEA has been offering financial assistance to ECs (electric cooperatives) through its Enhanced Lending Program,” the agency said.

The program consists of regular, calamity and concessional loans, standby and short-term credit loans, single-digit system loss loans, renewable energy loans, and modular generator set loans.

Republic Act No. 9136 or the Electric Power Industry Reform Act of 2001, tasks the NEA with overseeing missionary electrification and providing financial, institutional, and technical assistance to electric cooperatives. — Sheldeen Joy Talavera

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