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NEA Reduces Lending Rates

Media Release

12 November 2014

The NEA Board of Administrators unanimously approved another cut in NEA’s lending rate effective September 23, 2014 on term loan approvals as (a) 6.5% interest rate per annum for repayment period of 3-15 years; and (b) 6% interest rate per annum for repayment period of two years.

 

Administrator Edita S. Bueno said, “As a policy, NEA periodically reviews its lending rates to determine if revision is warranted. NEA saw the need to study and review its current lending rate to provide an updated loan pricing that is fair, reasonable and competitive with other financing institutions.”


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NEA sets sinking fund policy for power coops on calamities; ECs, to seek higher rates for the fund

Media Release

17 September 2014

The National Electrification Administration (NEA) Board of Administrators has passed the “Policy for the establishment of a sinking fund to cover extraordinary losses and expenditures arising from force majeure, natural calamities and risk factor” which aims to authorize the electric cooperatives (ECs) to establish a sinking fund from a certain percentage of their accumulated margins to cover extraordinary losses and expenditures arising from force majeure, natural calamities and risk factors. Hence, NEA and the electric cooperatives nationwide will seek higher electricity rates to set up a mobilization fund in the event of such cases.

 

Section 5 of Republic Act No. 10531 mandates the NEA to strengthen the electric cooperatives (ECs), help them become economically viable and prepare them for the implementation of retail competition and open access. Under Section 5(j) of the same law, NEA is authorized and empowered to ensure the economic and financial viability of the ECs.


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Petilla: “Yolanda” was NEA’s finest hour

Media Release

07 August 2014

Energy Secretary Carlos Jericho L. Petilla said “Yolanda” was the National Electrification Administration’s (NEA) “finest hour,” after he saw prompt assistance given to typhoon-hit electric cooperatives (ECs) through mobilization of the agency-initiated Task Force Kapatid (TFK).

 

Secretary Petilla was the guest of honor and keynote speaker at the 21st NEA-ECs Consultative Conference held at the Philippine International Convention Center (PICC) on August 6, 2014. The gathering coincided with the 45th Foundation Anniversary celebration of NEA.


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