NEA extends nearly P1-billion loans to 31 electric coops

The National Electrification Administration (NEA) said Friday it has extended nearly P1 billion worth of loans, including calamity loans, to 31 electric cooperatives (ECs) from January to August this year.

In a statement, NEA said of the P960.85 million total amount of loans, P505.76 million went to 10 ECs as calamity loans used for the repair and rehabilitation of their damaged power distribution systems due to previous typhoons Kiko and Odette.

The 10 ECs that received calamity loans were the Batanes Electric Cooperative Inc. (BATANELCO), Palawan Electric Cooperative Inc. (PALECO), Bohol I Electric Cooperative Inc. (BOHECO I), Bohol II Electric Cooperative Inc. (BOHECO II), Cebu I Electric Cooperative Inc. (CEBECO I), Negros Oriental I Electric Cooperative Inc. (NORECO I), Leyte IV Electric Cooperative Inc. (LEYECO IV), Southern Leyte Electric Cooperative Inc. (SOLECO), Misamis Oriental II Electric Cooperative Inc. (MORESCO II) and Surigao del Norte Electric Cooperative Inc. (SURNECO).

The NEA said P303.73 million was used for the capital expenditure projects of 19 ECs, namely:

• Basilan Electric Cooperative Inc. (BASELCO)
• Bohol I Electric Cooperative Inc. (BOHECO I)
• Bohol II Electric Cooperative, Inc. (BOHECO II)
• Bukidnon Second Electric Cooperative Inc. (BUSECO)
• Camarines Sur I Electric Cooperative Inc. (CASURECO I)
• Camarines Norte Electric Cooperative Inc. (CANORECO)
• Davao Oriental Electric Cooperative Inc. (DORECO)
• First Laguna Electric Cooperative Inc. (FLECO)
• Iloilo III Electric Cooperative Inc. (ILECO III)
• La Union Electric Cooperative Inc. (LUELCO)
• Leyte IV Electric Cooperative Inc. (LEYECO IV)
• Northern Samar Electric Cooperative Inc. (NORSAMELCO)
• Quezon I Electric Cooperative Inc. (QUEZELCO I)
• Quezon II Electric Cooperative Inc. (QUEZELCO II)
• Siargao Electric Cooperative Inc. (SIARELCO)
• Surigao del Sur I Electric Cooperative Inc. (SURSECO I),
• Tarlac I Electric Cooperative Inc. (TARELCO I)
• Zamboanga del Sur II Electric Cooperative Inc. (ZAMSURECO II)
• Zamboanga del Norte Electric Cooperative Inc. (ZANECO)

Meanwhile, P101.36 million in loans went to Abra Electric Cooperative Inc. (ABRECO), Busuanga Island Electric Cooperative Inc. (BISELCO), Camarines Sur III Electric Cooperative Inc. (CASURECO III), and Camotes Electric Cooperative Inc. (CELCO) as working capital loans.

The remaining P50 million went to Lanao del Norte Electric Cooperative, Inc. (LANECO) as a short-term credit facility, the agency said.

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 loss, renewable energy and modular generator set loans.—LDF, GMA News