THE National Electrification Administration (NEA) extended more than half a billion pesos worth of loan assistance to electric cooperatives in the first half of 2023.
A total of P560.66 million worth of loan assistance was extended to 18 electric cooperatives (ECs) as of end-June, NEA said yesterday.
Of the total amount, P225.81 million was utilized for the capital expenditure loans of 13 ECs.
These are the First Laguna Electric Cooperative, Inc. (FLECO), Quezon I Electric Cooperative, Inc. (QUEZELCO I), Sorsogon I Electric Cooperative, Inc. (SORECO I), Iloilo III Electric Cooperative, Inc. (ILECO III), Northern Negros Electric Cooperative, Inc. (NONECO), Leyte V Electric Cooperative, Inc. (LEYECO V), Zamboanga del Norte Electric Cooperative, Inc. (ZANECO), Misamis Oriental I Rural Electric Service Cooperative, Inc. (MORESCO I), Bukidnon Second Electric Cooperative, Inc. (BUSECO), Siasi Electric Cooperative, Inc. (SIASELCO), Basilan Electric Cooperative, Inc. (BASELCO), Siargao Electric Cooperative, Inc.(SIARELCO) and Surigao del Sur I Electric Cooperative, Inc. (SURSECO I).
Meanwhile, the NEA said P272 million in loans were extended to six ECs, namely Central Pangasinan Electric Cooperative (CENPELCO), First Laguna Electric Cooperative, Inc. (FLECO), Antique Electric Cooperative, Inc. (ANTECO), Zamboanga del Sur II Electric Cooperative, Inc. (ZAMSURECO II), Lanao del Norte Electric Cooperative, Inc. (LANECO) and Misamis Oriental II Electric Cooperative, Inc. (MORESCO II) for their working capital.
A total of P12.85 million went to Misamis Oriental I Electric Cooperative, Inc. (MORESCO I) for their modular generator set.
The Lanao del Norte Electric Cooperative, Inc. (LANECO) availed of P50 million as a short-term credit facility loan.
The NEA said it has been offering financial assistance to ECs through its Enhanced Lending Program, which consists of regular, calamity, and concessional loans; stand-by and short-term credit loans; single-digit system losses; renewable energy; and modular generator set loans. (GMA Integrated News)
