By Danessa Rivera (The
Philippine Star) | Updated February 22, 2016 - 12:00am
MANILA, Philippines - State-run
National Electrification Administration (NEA) has provided over P2 billion in
loans to electric cooperatives (ECs) to bankroll their capital expenditures and
rehabilitation of their distribution systems.
In a statement, NEA said 51
cooperatives availed of a total P2.019 billion loan.
NEA administrator Edita S. Bueno
said the agency has developed a credit guarantee program and facility for the
ECs as part of its mandate.
“This is to establish a power supply
guarantee to secure the power purchase of qualified ECs in the Wholesale
Electricity Spot Market (WESM), Interim Mindanao Electricity Market (IMEM) or
under a bilateral contract with the generation companies (gencos) or the
National Grid Corp. of the Philippines (NGCP),” she said.
“NEA also continues to find ways to
make funds readily available for the ECs particularly in times of natural and
man-made calamities for them to serve better their member-consumers,” she
added.
Of the total amount, P308 million
loan were borrowed by 14 ECs for the repair of assets affected by Typhoons
Mario, Lando, Glenda, Nona, Ruby and Seniang.
The calamity loan has a term of 10
years of repayment period and one-year grace period with interest rates ranging
from 3.25 to 4 percent.
A total P82 million was lent to six
ECs to finance their monthly shortfall on the settlement of their power
accounts with the generation companies (gencos) and the NGCP and to pay for
arrears with the National Power Corp. and NGCP in order to avail of the prompt
payment discount.
Meanwhile, Casureco I availed of the
stand-by credit loan facility for power accounts amounting to P5 million to
strengthen their creditworthiness with gencos.
Four coops in Mindanao namely:
Zamcelco, Moresco I, Daneco and Surneco secured loans amounting to P404 million
for the procurement of modular generator set in anticipation of the shortfall
of power supply in the island especially during the summer months.
Surneco, in particular, was the top
availer of NEA’s loan windows which borrowed P187 million for modular generator
sets and short-term credit facility.
The state-run agency has, likewise,
posted a 100 percent collection efficiency on the loan amortization payments of
the ECs and has paid 100 percent of its foreign loans due last year amounting
to P129 million.
Loan availment by the ECs is
included in the fast-track lane being implemented by NEA, which is eight
working days for regular loans and five days for calamity loans for 2015.
NEA has already extended P33.318
billion loans to the 119 electric cooperatives nationwide to finance their
rural electrification projects.
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