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The National Electrification Administration (NEA) welcomed on Monday the signing of a Memorandum of Agreement between the provincial governments of Oriental and Occidental Mindoro and their respective electric cooperatives (ECs) with the Maharlika Investment Corporation (MIC).

Leading the ceremony was NEA Administrator Antonio Mariano Almeda, with the event graced by MIC President and CEO Rafael Jose Consing, Jr., Occidental Mindoro Gov. Eduardo Gadiano, Oriental Mindoro Gov. Humerlito Dolor, and Department of Finance Usec. Catherine Fong.

Last 01 June 2023 to 29 June 2023, the National Electrification Administration’s (“NEA”) EC-Audit Department (“NEA-ECAD”) conducted a Comprehensive Operations Audit of the Negros Occidental Electric Cooperative (“NOCECO”). The said audit covered NOCECO’s operations during the period of 01 August 2019 to 30 April 2023.

In its Audit Report, the NEA-ECAD found that improper disbursements were made by the NOCECO Management and Board of Directors during the audit period. The disbursements were classified as “improper” mainly due to the following reasons: (a) for being above and beyond the allowable thresholds under the relevant NEA Rules and Guidelines; (b) for being made without NEA’s explicit approval; and (c) despite NOCECO’s attention being called in previous audit findings, for being made with the deliberate failure to submit the appropriate Board Resolutions required by NEA to evaluate the fund disbursements.

As of 31 March 2024, the National Electrification Administration (NEA) extended a total of PhP263.78 Million worth of loans to 12 electric cooperatives (ECs).

According to the latest data from the NEA Accounts Management and Guarantee Department (AMGD), PhP178.45 Million was used for the Capital Expenditure (CapEx) projects of 9 ECs. These are the Tablas Island Electric Cooperative, Inc. (TIELCO), Masbate Electric Cooperative, Inc. (MASELCO), Iloilo II Electric Cooperative, Inc. (ILECO II), Bohol I Electric Cooperative, Inc. (BOHECO I), Bohol II Electric Cooperative, Inc. (BOHECO II), Leyte V Electric Cooperative, Inc. (LEYECO V), Bukidnon Second Electric Cooperative, Inc. (BUSECO), South Cotabato I Electric Cooperative, Inc. (SOCOTECO I) and Siasi Electric Cooperative, Inc. (SIASELCO).