Published:
24 January 2020
The National
Electrification Administration (NEA) through its Enhanced Lending Program has
extended over P700-million worth of loans to electric cooperatives (ECs) in
2019, surpassing the full-year target of P450 million.
Data from the NEA
Accounts Management and Guarantee Department (AMGD) showed the agency released
a total of P705 million to 31 ECs, bulk of the amount or P658.090 million went
to bankroll their capital expenditure projects (CapEx).
These projects include
construction of sub-transmission and distribution lines, substations, office
buildings, rehabilitation and upgrading of distribution system and mini-hydro
power plant, replacement of dilapidated poles and defective meters, and
acquisition of vehicles and other tools and equipment.
Topping the list of the
ECs that availed loans was Zamboanga del Norte Electric Cooperative, Inc.
(ZANECO) with P104.950 million, followed by Camarines Sur I Electric
Cooperative, Inc. (CASURECO I) with P60.963 million, Central Pangasinan
Electric Cooperative, Inc. (CENPELCO) with P45.651 million, Dinagat Island
Electric Cooperative, Inc. (DIELCO) with P45.298 million, and Sorsogon I
Electric Cooperative, Inc. (SORECO I) with P42.463 million.
The NEA also granted
stand-by credit loan to CASURECO I and Camarines Sur III Electric Cooperative,
Inc. (CASURECO III) for power accounts totaling P25-million to strengthen their
creditworthiness with generation companies.
Meanwhile, the Sultan
Kudarat Electric Cooperative, Inc. (SUKELCO) secured P21.934 million for the
procurement of modular generator sets.
A P10-million calamity
loan was also availed by the Abra Electric Cooperative (ABRECO). The
amount was used to rehabilitate the EC's distribution facilities damaged
by Typhoon Ompong (Mangkhut).
The calamity loan
being offered by the NEA has a 10-year repayment term with maximum grace period
of one year and an interest rate of 3.25 percent per annum. The average
processing time is seven days. ###
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