STATE-OWNED corporation National Electrification Administration (NEA) on Tuesday, Dec. 5, said it has released nearly P1 billion worth of loans this year to support the financing needs of electric cooperatives.
Citing a report from its Accounting Management and Guarantee Department (AMGD), NEA said it has disbursed a total of P975.54 million in loans to at least 26 electric cooperatives from January to November 2023.
NEA reported that the latest loan releases already exceeded its P700-million target for the entire year by 139.36%. Bulk of the loan releases or P474.66 million funded the capital expenditures (capex) of 19 electric cooperatives.
These include electric cooperatives in Mindanao, namely Basilan Electric Cooperative Inc. (BASELCO), Bukidnon Second Electric Cooperative Inc. (BUSECO), Davao del Sur Electric Cooperative Inc. (DASURECO), Misamis Oriental I Rural Electric Service Cooperative Inc. (MORESCO I), Siasi Electric Cooperative Inc. (SIASELCO), Siargao Electric Cooperative Inc. (SIARELCO), South Cotabato I Electric Cooperative Inc. (SOCOTECO I), Surigao del Sur I Electric Cooperative Inc. (SURSECO I), Tawi-Tawi Electric Cooperative Inc. (TAWELCO), and Zamboanga del Norte Electric Cooperative Inc. (ZANECO).
Meanwhile, electric cooperatives that availed themselves of the capex loans in Visayas were the Bohol II Electric Cooperative Inc. (BOHECO II), Camotes Electric Cooperative Inc. (CELCO), Iloilo III Electric Cooperative Inc. (ILECO III), Leyte V Electric Cooperative Inc. (LEYECO V), Northern Negros Electric Cooperative Inc. (NONECO), and Northern Samar Electric Cooperative Inc. (NORSAMELCO).
Borrowers from Luzon include the First Laguna Electric Cooperative Inc. (FLECO), Quezon I Electric Cooperative Inc. (QUEZELCO I), and Sorsogon I Electric Cooperative Inc. (SORECO I), according to the NEA.
The agency added that nine electric cooperatives received some P438 million worth of loans as working capital.
These are Antique Electric Cooperative Inc. (ANTECO), Aurora Electric Cooperative Inc. (AURELCO), Bohol II Electric Cooperative Inc. (BOHECO II), Camiguin Electric Cooperative Inc. (CAMELCO), Central Pangasinan Electric Cooperative (CENPELCO), FLECO, Lanao del Norte Electric Cooperative Inc. (LANECO), Misamis Oriental II Electric Cooperative Inc. (MORESCO II), and Zamboanga del Sur II Electric Cooperative Inc. (ZAMSURECO II).
NEA said it also disbursed a P12.85-million loan to MORESCO I for its modular generator set, and a P50-million short-term credit facility loan for LANECO.
“The NEA processed the aforementioned loans using the funds earmarked for its Enhanced Lending Program,” it said. (GMA Integrated News)
