NEA releases P1.6-B loans to electric cooperatives

MANILA, Philippines - The National Electrification Administration (NEA) has released P1.6 billion worth of loans to 41 electric cooperatives around the country last year through its Enhanced Lending Program.

NEA administrator Edita Bueno said the program is part of the agency’s drive to help electric cooperatives become financially viable.

The state-owned NEA, which is tasked to provide total rural  electrification around the country, has urged electric cooperatives to avail of the lending program.

The loans being offered have competitive interest rate at nine percent per annum for loans to be repaid in more than two years and eight percent per annum for loans to be paid within two years or less.

There will also be no additional charges for term loans; longer repayment period from three to five or five to 10 years as well as fast processing period, electronic fund transfer and assistance in the preparation of project feasibility studies.