October 16, 2018 | 10:51 pm
THE National
Electrification Administration (NEA) has released loans to electric
cooperatives amounting to P1.8 billion, exceeding its target for the year ahead
of schedule, the agency said on Tuesday.
The loans, which
surpassed NEA’s target of P1.7 billion for the year, were extended to 57
electric cooperatives (ECs) as of the end of September. They included calamity
loans to typhoon-hit utilities.
“In times of calamity,
the NEA provides on-time calamity loans as financial assistance to the ECs in
order to repair damaged distribution systems and restore immediately power
supply to their member-consumer-owners,” said Vicar Loureen G. Lofranco, acting
deputy administrator of the agency’s corporate resources and financial services
office, in a statement.
NEA released a total of
P1.049 billion to 45 electric cooperatives to finance capital expenditure
projects. It also released P99 million to six other ECs for the repair and
rehabilitation of damaged distribution facilities due to typhoons Lawin, Urduja
and Vinta, and other calamities.
The ECs that availed of
calamity loans are the Isabela II Electric Cooperative, Inc.; Biliran Electric
Cooperative, Inc.; Lanao del Norte Electric Cooperative, Inc.; First Bukidnon
Electric Cooperative, Inc.; Lanao del Sur Electric Cooperative, Inc.; and
Surigao del Norte Electric Cooperative, Inc.
During the nine months,
NEA said Quezon I Electric Cooperative, Inc. borrowed P20 million to finance
its monthly shortfall on the settlement of power accounts with generation
companies and the National Grid Corp. of the Philippines (NGCP).
The Zamboanga Electric
Cooperative, Inc. availed of P145 million as a stand-by credit facility to
strengthen its creditworthiness with generation companies and the market
operator.
NEA also issued P134
million worth of loans to four cooperatives to buy modular generator sets.
These are the Misamis Oriental I Electric Cooperative, Inc. (P38.762 million);
Misamis Oriental II Electric Cooperative, Inc. (P43.516 million); Sultan
Kudarat Electric Cooperative, Inc. (P32.901 million); and Agusan del Norte
Electric Cooperative, Inc. (P18.771 million).
Nine ECs obtained
working capital loans amounting to P374 million, the agency said. These are the
Abra Electric Cooperative (P18.456 million); Occidental Mindoro Electric
Cooperative, Inc. (P58.462 million); Marinduque Electric Cooperative, Inc.
(P66.795 million); Sorsogon I Electric Cooperative, Inc. (P28.613 million);
Aklan Electric Cooperative, Inc. (P65 million); Camotes Electric Cooperative,
Inc. (P7.387 million); Negros Oriental I Electric Cooperative, Inc. (P20
million); Misamis Oriental II Electric Cooperative, Inc. (P79 million)’ and
Nueva Ecija II Electric Cooperative, Inc. area two (P30 million).
“Loan availment by the
ECs is included in the fast-track lane being implemented by the NEA. The
processing time is 24 working days for regular loans, 13 days for short-term
loans and seven days for calamity loans,” the agency said.
A calamity loan offered
by the NEA has a 10-year repayment term with a maximum grace period of a year
and an interest rate of 3.25% per annum. The agency said it had been offering a
number of loan programs to the ECs to help them provide continuous and better
delivery of service to their member-consumer-owners. — Victor V. Saulon
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