THE National Electrification Administration (NEA) has extended the deadline for loan payments of electric cooperatives participating in its lending programs by one month to the end of July.
The extension was positioned as a form of relief to rural utilities during the public health emergency.
NEA’s lending program provides electric cooperatives with regular, calamity and concessional loans, stand-by and short-term credit, loans to reduce system losses, and loans to acquire modular generator sets.
The agency allows cooperatives to borrow from financial institutions to cover collection deficiencies, provide working capital, and procure vehicles.
Between January and May, the NEA released around P293 million worth of loans to utilities. Some P135.53 million financed capital expenditure projects and working capital, while about P103.08 million was used for rehabilitation at typhoon-hit utilities. — Adam J. Ang