The National Electrification Administration (NEA) processed a total of P934.56-million worth of loans to support the operations of 24 electric cooperatives (ECs), based on data released by its Accounting Management and Guarantee Department (AMGD) as of 31 October 2023.

The AMGD said P449.71-million was used to fund the capital expenditures (CapEx) of 18 ECs, including three (3) electric distribution utilities from Luzon: First Laguna Electric Cooperative, Inc. (FLECO), Quezon I Electric Cooperative, Inc. (QUEZELCO I), and Sorsogon I Electric Cooperative, Inc. (SORECO I).

Five (5) ECs also applied for CapEx loans in Visayas namely Bohol II Electric Cooperative, Inc. (BOHECO II), Camotes Electric Cooperative, Inc. (CELCO), Iloilo III Electric Cooperative, Inc. (ILECO III), Leyte V Electric Cooperative, Inc. (LEYECO V), and Northern Negros Electric Cooperative, Inc. (NONECO).

In Mindanao, 10 power co-ops required the same: Basilan Electric Cooperative, Inc. (BASELCO), Bukidnon Second Electric Cooperative, Inc. (BUSECO), Davao del Sur Electric Cooperative, Inc. (DASURECO), Misamis Oriental I Rural Electric Service Cooperative, Inc. (MORESCO I), Siargao Electric Cooperative, Inc. (SIARELCO), Siasi Electric Cooperative, Inc. (SIASELCO), South Cotabato I Electric Cooperative, Inc. (SOCOTECO I), Surigao del Sur I Electric Cooperative, Inc. (SURSECO I), Tawi-Tawi Electric Cooperative, Inc. (TAWELCO), and Zamboanga del Norte Electric Cooperative, Inc. (ZANECO).

Meanwhile, eight (8) ECs accessed loans worth P422-million for their working capital. These are Antique Electric Cooperative, Inc. (ANTECO), Aurora Electric Cooperative, Inc. (AURELCO), BOHECO II, Central Pangasinan Electric Cooperative (CENPELCO), FLECO, Lanao del Norte Electric Cooperative, Inc. (LANECO), Misamis Oriental II Electric Cooperative, Inc. (MORESCO II), and Zamboanga del Sur II Electric Cooperative, Inc. (ZAMSURECO II).

The AMGD included in its latest accounting the P12.85-million that MORESCO I borrowed for its modular generator set as well as the P50-million short-term credit facility loan of LANECO, which was previously reported last September.

The NEA offers financial assistance to power co-ops through its Enhanced Lending Program. In its report, the AMGD noted that the state-owned corporation already went beyond its P700-million target of peso releases for 2023. ###