THE NATIONAL Electrification Administration (NEA) is releasing P1.3 billion of its unused funds for the government’s programto address the economic impact of the coronavirus disease 2019 (COVID-19) outbreak.

“The amount will help our national government facilitate the delivery of much needed assistance for many industries and livelihoods that were severely disrupted by the ongoing public health emergency,” NEA Administrator Edgardo R. Masongsong said in a statement on Sunday.

The redirection of public funds for COVID-19 response measures is in line with Republic Act No. 11469, or the Bayanihan to Heal as One Act, which authorizes President Rodrigo R. Duterte to redirect cash, funds, and investments from government-owned and -controlled corporation and national government agencies.

The NEA funds, which are being remitted to the National Treasury, consistof P85.71 million in dividends to the national government for the agency’s 2019 operations and P1.26 billion unused subsidy funds that it received in 2016 and earlier.

Meanwhile, the agency tasked to power rural communities is extending the loan amortization payments of 121 electric cooperatives following the declaration of a state of public health emergency in the country.

NEA has also authorized the rural electric cooperatives to borrow short-term loans from financial institutions to cushion the impact of the drop in power demand as several areas across the country are under enhanced community quarantine.

The loans, it said, could also help with the cooperatives’ cash flow as the Department of Energy has ordered power distributors to defer the payment of monthly dues during the quarantine period. — Adam J. Ang

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