The National Electrification Administration (NEA) facilitated a total of P1.002 billion loans to 28 electric cooperatives (ECs) last year.
Based on the report of NEA’s Accounts Management and Guarantee Department, 19 ECs accessed capital expenditure loans of P474.69 million.
These are ECs in Basilan, Bohol, Bukidnon, Camotes Islands, Davao del Sur, Iloilo, Laguna, Leyte, Misamis Oriental, Negros Occidental, Northern Samar, Quezon Province, Siargao, Siasi, Sorsogon, South Cotabato, Surigao del Sur, Tawi-Tawi and Zamboanga del Norte.
NEA said P465 million loans were secured by 11 ECs for working capital requirements in Antique, Aurora, Batanes, Bohol, Camiguin, Central Pangasinan, Laguna, Lanao del Norte, Misamis Oriental, Negros Oriental and Zamboanga del Sur.
NEA added Misamis Oriental Rural Electric Service Cooperative loaned P12.85 million for its modular generator set and Lanao del Norte Electric Cooperative got a P50-million short-term credit facility.
The agency said the loans were funded by its enhanced lending program with the total release exceeding its 2023 target of P700,000 by 143.22 percent.
