PhP1.2 Billion worth of loans were extended by the National Electrification Administration (NEA) to thirty-five (35) electric cooperatives last year, according to the agency’s Accounts Management and Guarantee Department (AMGD).
Of the said amount, PhP561.10 Million was used for the Capital Expenditure projects of La Union Electric Cooperative, Inc. (LUELCO), Tarlac I Electric Cooperative, Inc. (TARELCO I), Quezon I Electric Cooperative, Inc. (QUEZELCO I), Quezon II Electric Cooperative, Inc. (QUEZELCO II), First Laguna Electric Cooperative, Inc. (FLECO), Oriental Mindoro Electric Cooperative, Inc. (ORMECO), Occidental Mindoro Electric Cooperative, Inc. (OMECO), Camarines Sur I Electric Cooperative, Inc. (CASURECO I), Camarines Norte Electric Cooperative, Inc. (CANORECO), Iloilo III Electric Cooperative, Inc. (ILECO III), Bohol I Electric Cooperative, Inc. (BOHECO I), Bohol II Electric Cooperative, Inc. (BOHECO II), Leyte IV Electric Cooperative, Inc. (LEYECO IV), Northern Samar Electric Cooperative, Inc. (NORSAMELCO), Zamboanga del Sur II Electric Cooperative, Inc. (ZAMSURECO II), Zamboanga del Norte Electric Cooperative, Inc. (ZANECO), Misamis Oriental I Rural Electric Service Cooperative, Inc. (MORESCO I), Bukidnon Second Electric Cooperative, Inc. (BUSECO), Davao Oriental Electric Cooperative, Inc. (DORECO), Basilan Electric Cooperative, Inc. (BASELCO), Tawi-Tawi Electric Cooperative, Inc. (TAWELCO), Surigao del Sur I Electric Cooperative, Inc. (SURSECO I) and Siargao Electric Cooperative, Inc. (SIARELCO). Meanwhile, the PhP151.36 Million went to Abra Electric Cooperative (ABRECO), Busuanga Island Electric Cooperative, Inc. (BISELCO), Occidental Mindoro Electric Cooperative, Inc. (OMECO), Camarines Sur III Electric Cooperative, Inc. (CASURECO III) and Camotes Electric Cooperative, Inc. (CELCO) as working capital loans.
The NEA also granted calamity loans to 10 ECs that were devastated by previous Typhoons Odette and Kiko. A total of P505.76 Million was used for the repair of the damaged power distribution systems of Batanes Electric Cooperative, Inc. (BATANELCO), Palawan Electric Cooperative (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 Rural Electric Service Cooperative, Inc. (MORESCO II) and Surigao del Norte Electric Cooperative, Inc. (SURNECO).
The remaining PhP50 Million went to Lanao del Norte Electric Cooperative, Inc. (LANECO) as a short-term credit facility.
The NEA 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.