Monday, October 7, 2013

NEA: 11 cooperatives need financial support

Manila Standard Today
By Alena Mae S. Flores 
The National Electrification Administration has identified 11 out of the total 114 electric cooperatives in the Philippines as “ailing,” or those with huge debt, negative networth and continuing losses that need to be addressed.
NEA deputy administrator Edgardo Piamonte in a paper said the ailing electric cooperatives are Pampanga Electric Cooperative III, Camarines Sur Electric Cooperative III, Albay Electric Cooperative, Masbate Electric Cooperative, Ticao Island Electric Cooperative, Northern Samar Electric Cooperative, Basilan Electric Cooperative, Tawi-Tawi Electric Cooperative, Sulu Electric Cooperative, Lanao del Sur Electric Cooperative and Maguindanao Electric Cooperative Inc.
Piamonte said these electric cooperatives had high system losses, huge liabilities, low collection efficiency, negative networth and institutional problems such as governance. They are also incurring losses.
Piamonte said NEA can provide options for ailing electric cooperatives to ensure their delivery of electric service in their area of coverage.  source

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