NEA extends P560.7 million loans to ECs in H1

MANILA, Philippines — The National Electrification Administration (NEA) has extended P560.66-million worth of loan assistance in the first semester to support the operations of 18 electric cooperatives (ECs).

NEA said six ECs borrowed nearly half of the amount, or P272 million, for their working capital.

ECs that acquired these loans were Central Pangasinan Electric Cooperative, First Laguna Electric Cooperative Inc., Antique Electric Cooperative Inc., Zamboanga del Sur II Electric Cooperative Inc., Lanao del Norte Electric Cooperative Inc., and Misamis Oriental II Electric Cooperative Inc.

Meanwhile, P225.81-million worth of loans were utilized for the capital expenditure loans of 13 ECs.

NEA said P12.85 million went to Misamis Oriental I Electric Cooperative Inc. for its modular generator set, while P50 million was availed by Lanao del Norte Electric Cooperative Inc. as a short-term credit facility loan.

NEA has been offering financial assistance to ECs through its enhanced lending program.

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

Last year, NEA extended P1.2-billion worth of loans to support the operations of 35 ECs.

NEA is mandated to carry out the total electrification of the country on an area coverage basis, with the 121 ECs as the implementing arm.