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NEA: LOANS FACILITATED TO ECS NEAR P1-BILLION AS OF END OF NOVEMBER

The National Electrification Administration (NEA) already disbursed a total of P975.54-million worth of loans to at least 26 electric cooperatives (ECs) between January to 30 November 2023, according to the latest report of its Accounting Management and Guarantee Department (AMGD).

The updated figures showed that the state-owned corporation already exceeded its P700-million target releases for the year by 139.36-percent. The largest part or P474.69-million funded the capital expenditures (CapEx) of 19 ECs particularly those in the Mindanao.

The list includes 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); Siasi Electric Cooperative, Inc. (SIASELCO); Siargao Electric Cooperative, Inc. (SIARELCO); 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).

Power co-ops that availed of the CapEx loans in Visayas were the 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); Northern Negros Electric Cooperative, Inc. (NONECO); and Northern Samar Electric Cooperative, Inc. (NORSAMELCO).

Borrowers from Luzon, meanwhile, include the First Laguna Electric Cooperative, Inc. (FLECO), Quezon I Electric Cooperative, Inc. (QUEZELCO I), and Sorsogon I Electric Cooperative, Inc. (SORECO I).

Nine ECs accessed around P438-million worth of loans as working capital. These are Antique Electric Cooperative, Inc. (ANTECO); Aurora Electric Cooperative, Inc. (AURELCO); BOHECO II; Camiguin Electric Cooperative, Inc. (CAMELCO); 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).

Also included in the latest report of the AMGD are the P12.85-million loan of MORESCO I for its modular generator set and the P50-million short-term credit facility loan of LANECO. The NEA processed the aforementioned loans using the funds earmarked for its Enhanced Lending Program. ###