January 24, 2020 at 09:30 pm
Alena Mae S. Flores
State-run National Electrification Administration through its Enhanced Lending Program extended over P700 million worth of loans to electric cooperatives last year, surpassing its full-year target of P450 million.
The agency released P705 million to 31 ECs, with the bulk of the amount or P658.090 million bankrolling capital expenditure projects, citing data from the NEA Accounts Management and Guarantee Department.
The projects include construction of sub-transmission and distribution lines, substations, office buildings, rehabilitation and upgrading of distribution system and mini-hydro power plant, replacement of dilapidated poles and defective meters, and acquisition of vehicles and other tools and equipment.
Zamboanga del Norte Electric Cooperative Inc. availed the biggest loan of P104.950 million, followed by Camarines Sur I Electric Cooperative Inc. with P60.963 million, Central Pangasinan Electric Cooperative Inc. with P45.651 million, Dinagat Island Electric Cooperative Inc. with P45.298 million and Sorsogon I Electric Cooperative Inc. with P42.463 million.
NEA also granted stand-by credit loan to CASURECO I and Camarines Sur III Electric Cooperative Inc. totaling P25-million to strengthen their creditworthiness with generation companies.
Meanwhile, Sultan Kudarat Electric Cooperative Inc. secured P21.934 million for the procurement of modular generator sets.
Abra Electric Cooperative availed of a P10-million calamity loan which it used to rehabilitate distribution facilities damaged by Typhoon Ompong (Mangkhut).
NEA is offering a calamity loan carrying a 10-year repayment term with maximum grace period of one year and an interest rate of 3.25 percent yearly with an average processing time of seven days.